Whitestone REIT Welcomes Three New Tenants to Carefree Property
03 September 2014 - 2:38AM
Whitestone REIT (NYSE:WSR) ("Whitestone"), a fully integrated real
estate company that owns, operates and re-develops Community
Centered PropertiesTM, today welcomes new tenants Berkshire
Hathaway HomeServices Arizona Properties, Carefree Movement and KT
Financial at the Pima Norte property located just north of
Scottsdale, Arizona in the Carefree and nearby Cave Creek area.
Pima Norte, an executive office and financial services focused
property, is home to a very strong base of tenants including Heaton
Adams Financial, Hundman Law Office, Gilbraltar Mortgage Company,
Oz Directional Drilling and Ticket Evolution. Pima Norte is well
located at the base of Desert Mountain between the inviting towns
of Carefree and Cave Creek where household incomes in neighboring
gated communities Mirabel, The Boulders and Whisper Rock are over
$275,000.
Whitestone's Chairman and CEO, James C. Mastandrea said,
"We entered the Phoenix market in 2007 with the acquisition of the
newly constructed Pima Norte giving us a foothold in the greater
Phoenix market. We consider Pima Norte a very well-constructed
property in a great location, only to find it challenged in the
downturn in 2007. We set our foundation at this property as we
prepared to purchase additional properties at or near the
bottom of the market to position Whitestone as the market turned."
Mastandrea added, "We continued to lease Pima Norte as we
acquired an additional two million square feet, at steep discounts
to replacement cost during the downturn. Today, we have a leading
position in the market with properties that include Dana Park in
Mesa and Market Street in DC Ranch." Mastandrea concluded, "Since
our IPO in August, 2010, we considered all the cash flow from Pima
Norte as accretive to FFO and with the addition of our new tenants,
we will increase both occupancy and FFO. We expect the leasing
momentum at Pima Norte to continue at an increasing rate in the
next 24 months with a positive impact on our enterprise value per
share."
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate
investment trust ("REIT") that owns, operates and redevelops
Community Centered PropertiesTM. Whitestone focuses on value
creation in its community centers, concentrating on local
service-oriented tenants that comprise approximately 70% of its
tenants. Whitestone's diversified tenant base provides service
offerings including medical, education, casual dining, and
convenience services. The largest of its 1,232 tenants comprised
less than 1.9% of its annualized base rental revenues as of June
30, 2014. Founded in 1998, the Company is internally managed with a
portfolio of 61 commercial properties in Texas, Arizona, and
Illinois. For additional information about the Company, please
visit www.whitestonereit.com.
CONTACT: Whitestone REIT:
Robin Oloyede - Director of Marketing
(713) 435-2256
ROloyede@WhitestoneREIT.com
Suzy Taylor, Director of Investor Relations
(713) 435-2219
STaylor@WhitestoneREIT.com