HOUSTON, June 29, 2021 (GLOBE NEWSWIRE) -- Whitestone REIT today announced it has welcomed Michael’s of Las Colinas restaurant as a new tenant at its Las Colinas Village neighborhood center. Michael’s of Las Colinas signed a lease for an existing 8,061-square-foot restaurant space. Whitestone’s re-merchandising of Las Colinas Village has added a tailored mix of new tenants, including Michael’s of Las Colinas, which has increased revenues by 10.1% and raised occupancy for Whitestone’s Dallas market to 91%, a 3% increase from end of first quarter 2021.
Michael’s of Las Colinas, owned by well-known local serial entrepreneur Michael Caldwell, is an open, casual restaurant, bar and live entertainment venue dedicated to fresh and simple food as its menu. It is joined by recent additions to Las Colinas Village’s tailored mix of tenants, including Hudson House, The Irving Bakery, Jam + Toast, CityVet, and 9Round Fitness, who provide a diverse range of essential goods and services to the local community.
“We’ve been buying in the Dallas MSA for more than a decade and continue to look for additional value-add properties in the market, and Las Colinas, with the strength of its location having a traffic count of 191,000 vehicles per day and a HHI of greater than $100,000, was perfectly positioned to upgrade the quality of revenue by re-merchandising the full tenant mix,” said Whitestone Chief Executive Officer Jim Mastandrea.
“This is evidenced by the 10.1% increase in revenues from our recent re-merchandising of our Las Colinas Village property.
“This also highlights our ability to identify, acquire and re-merchandise off-market acquisition opportunities in desirable high-growth, high-income markets, per our business model, and distinguishes our properties as desirable locations for our tenants and customers, and consistent contributors of institutional value for our shareholders,” Mastandrea continued.
About Michael’s of Las Colinas
Michael's of Las Colinas was founded by a team of like-minded foodies; a group of friends who have always liked to eat, drink, and create amazing food together. This quickly led them to open Michael’s of Las Colinas, a place where people from all over the Dallas / Ft Worth metroplex can meet to enjoy special dishes and comfortable atmosphere. Freshness and creativity are the favorite ingredients. The menu is varied and designed to provide a superb culinary experience, and the service is unmatched.
About Las Colinas Village
In 2019, Whitestone purchased Las Colinas Village, a 104,915-square-foot center in Las Colinas, an upwardly mobile, young professional community of Irving, Texas along North Dallas’ “Platinum Corridor.” Las Colinas Village is located near the Dallas/Ft. Worth airport. Las Colinas Village is Whitestone’s eighth property acquisition in its Dallas-Ft. Worth market, bringing its total leasable square feet in the region to approximately 670,000.
About Las Colinas, TX
Las Colinas is home to one of the largest corporate parks in the country, hosting the corporate headquarters of Fortune 500 companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals, and Celanese. The area continues to see business expansion, with as many as 102 major corporations considering headquarters relocations or expansion to the Dallas-Ft. Worth area, as recently highlighted by the Dallas Regional Chamber in the Dallas Business Journal.
Las Colinas is located in the Dallas-Fort Worth-Arlington MSA, the fourth largest metropolitan statistical area in the United States. According to the Dallas Fed, recently released census data show that from July 2019 to July 2020, the metroplex grew by nearly 120,000 people—the largest numerical increase among metro areas in the U.S., followed by Phoenix and Houston. DFW’s 1.6 percent gain was ahead of Texas’ 1.3 percent increase last year. Net domestic migration accounted for 48 percent and international migration for 14 percent of DFW’s population growth, meaning that approximately 205 people moved to DFW every day last year. Though international migration slowed due to the ongoing pandemic, domestic migration strengthened from 2019. DFW is the fourth-largest metropolitan statistical area in the U.S., with a population of nearly 7.7 million in 2020. Since 2010, DFW has added 1.3 million residents.
About Whitestone REIT
Whitestone is a community-centered shopping center REIT that acquires, owns, manages, develops, and redevelops high-quality neighborhood centers primarily in the largest, fastest-growing and most affluent markets in the Sunbelt.
Whitestone seeks to create Communities That Thrive through Creating Local Connections between consumers in the surrounding communities and a well-crafted mix of local, regional and national tenants that provide daily necessities, needed services, entertainment, and experiences.
Whitestone (NYSE: WSR) pays monthly dividends to its shareholders and it has consistently done so for more than 15 years. Whitestone’s strong balanced and managed capital structure provides stability and flexibility for growth and positions Whitestone to perform well through economic cycles. For additional information, please visit www.whitestonereit.com.
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| Whitestone REIT | Whitestone REIT | |
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