HOUSTON, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) announces the execution of three (3) new tenant leases, totaling up of 35,710 SF, with the signing of Planet Fitness, Hacienda’s Mexican Grill and Eggstasy restaurants at its Mercado at Scottsdale Ranch. Hacienda’s and Eggstasy have opened for business, and we expect Planet Fitness, the largest of the three new tenants occupying 29,192 SF, to be opened by year-end. The new tenants are E-Commerce Resistant and increase our occupancy at the property by 25%
Regarding the lease signings, Whitestone’s Chairman and Chief Executive Officer James C. Mastandrea commented, “We are pleased to have Planet Fitness become a part of the Whitestone community and drive additional traffic to all our tenants in the Mercado at Scottsdale Ranch property.” Mr. Mastandrea added, “The additions of Hacienda’s Mexican Grill and Eggstasy restaurants further strengthen the core of Whitestone’s philosophy; to delivery E-Commerce Resistant services that cater to the needs of the local community, and the stability of our cash flow for our shareholders.” Mr. Mastandrea concluded, “All three leases increase our Phoenix market occupancy by 1.2%, Whitestone’s overall occupancy by 0.6%, add approximately $325,000 to 2018 Net Operating Income, and continue to scale our operating infastructure.
About Mercado at Scottsdale Ranch
Acquired in June of 2013, Mercado at Scottsdale Ranch is a stabilized Class-A Community Center located in a densely populated, master-planned, affluent community with an average Household Income within a 1-mile radius of $120k. Mercado is the primary shopping center serving the upscale Scottsdale Ranch neighborhood and the nearby Mirador and Ensenada del Oro neighborhoods and conveniently located at the intersection of East Via Linda & Mountain View Road. The 118,730 SF center has a broad, diverse tenant mix that include Dining, Health & Personal Care, Education, Specialty Retail, and Education service providers.
About Planet Fitness
Founded in 1992 in Dover, N.H., Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of June 30, 2017, Planet Fitness had approximately 10 million members and more than 1,400 stores in 49 states, the District of Columbia, Puerto Rico, Canada and the Dominican Republic. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which they call the Judgement Free Zone®. More than 95% of Planet Fitness stores are owned and operated by independent business men and women.
About Hacienda’s Mexican Grill
Hacienda's Mexican Grill is a family owned and operated restaurant specializing in a variety of gourmet and authentic Mexican cuisine and prides itself on using the freshest ingredients. Its food is created after family recipes from the area of Mexico City and other regions including Cancun, Cabo San Lucas, and Cozumel, to name a few.
Possessing a menu that promises a “surreal dining experience”, Eggstasy is an all-day breakfast and lunch restaurant and is an offshoot of a café by the same name that originated in Chicago. The restaurant takes no shortcuts in product preparation, and its objective is to provide outstanding service, quality food and great value. Eggstasy offers the freshest ingredients in the market, often purchased the same-day. Its aim is to source clean, seasonal and fair-trade ingredients of the highest quality working with artisan producers who care about their craft as much as Eggstasy does.
About Whitestone REIT
Whitestone 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 respective communities which are not readily available online. 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. As of November 10, 2017, Whitestone’s total shareholder return ranks #1 of 17, #2 of 16, and #2 of 14 of the U.S public shopping center REIT’s for the 1-year, 3-year, and 5-year periods, respectively. Visit www.whitestonereit.com for additional information.