Whitestone Completes the Redevelopment Investment at Williams Trace Plaza
HOUSTON, Nov. 13, 2019 (GLOBE NEWSWIRE) -- 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) email@example.com