Whitestone Completes the Redevelopment Investment at Williams Trace Plaza
November 13 2019 - 7:00AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today
announced the completion of its Williams Trace Plaza Redevelopment
Investment. The project, designed to upgrade ADA accessibility at
the property and to improve the shopping experience for all of our
customers, included renovation work on the center.
Enhancements added through the Redevelopment Investment include:
- Enhanced Walkability and Access for all Shoppers
- Expansion of Outdoor Seating and Gathering Areas
- “Greening of Space” Through the Addition of Native Plants and
Shrubs as part of the Landscaping Improvement
- “Harvesting of Natural Light” in both the Interior and Exterior
Designs
- Installation of LED Lighting for Energy Conservation
- Upgraded Irrigation and Drainage Systems for better Natural
Water Flood Management
Jim Mastandrea, Chairman and Chief Executive Officer, commented,
“This completion highlights the different ways in which Whitestone
views value creation and our ability to incorporate it into our
communities. By investing socially-conscience features into our
properties such as, LED lighting, natural vegetation in our
landscaping and ADA-compliant accessibility, we show our commitment
to sustainability as well as long-term risk management. We feel
upgrading the property was not only a good business decision to
increase value for our shareholders given its desirable location
and growth potential, but also fulfills our obligation to all
stakeholders as a responsible corporate citizen.”
Whitestone originally acquired Williams Trace Plaza in December
of 2014 for $20.1 million and subsequent to acquisition has
invested an additional $2.1 million in enhancements to the
property. The property is currently 93% occupied and produces
annual net operating income of approximately $1.7
million.
About Williams Trace PlazaWilliams Trace Plaza
is located in Sugar Land, TX, one of the fastest growing cities in
America, and serves the densely populated and affluent Fort Bend
County area that has a population of over 780,000(1). The property
sits at the intersection of US Highway 6 and Williams Trace Blvd,
which has a daily traffic count of 67,000(2). The center is
strategically located near high-profile corporations including
Minute Maid, UnitedHealthcare, Texas Instruments, Schlumberger,
Fluor Corporation, The University of Houston System at Sugarland,
four leading healthcare facilities. The area has achieved its
sustainable, strong local economy through an aggressive, focused
economic development program that creates new wealth and jobs.
About Sugar Land, TexasSugar Land, Texas, where
“the American Dreamer meets Americana” is a diverse, upwardly
mobile community which tied for first in the highest population
growth category and also has the highest sociodemographic rank in
the 2019 survey. www.wallethub.com/edu/fastest-growing-cities. The
city is nationally acknowledged for its safe environment, quality
of life and public-private partnerships www.sugarlandtx.gov .
About Whitestone REITWhitestone is a
community-centered retail REIT that acquires, owns, manages,
develops and redevelops high quality "e-commerce resistant"
neighborhood, community and lifestyle retail centers principally
located in the largest, fastest-growing and most affluent markets
in the Sunbelt. Whitestone’s optimal mix of national, regional and
local tenants provides daily necessities, needed services and
entertainment to the communities in which they are located.
Whitestone's properties are primarily located in business-friendly
Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which
are among the fastest growing U.S. population centers with highly
educated workforces, high household incomes and strong job growth.
For additional information, visit www.whitestonereit.com.
(1) Source: US Census(2) Source: CoStar, 2019
Contact Whitestone REIT:Kevin ReedDirector of
Investor Relations(713) 435-2219ir@whitestonereit.com
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Apr 2023 to Apr 2024