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Whitestone Improves Tenant Mix of Providence Plaza and the Stability of Cash Flows Despite Retail Headwinds

727 Days ago

HOUSTON, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT’s (NYSE: WSR) (“Whitestone” or the “Company”) expertise in crafting the best tenant mix to meet the needs of the local community providing sustainable cash flow despite the ongoing retail headwinds is reflected by the recent additions of Sprint, The UPS Store, Iora Health (Humana), PAE, and the expansion of Vishala Grocery to Providence Plaza.

Jim Mastandrea, Chairman and Chief Executive Officer, commented, “The recent bankruptcy of Forever 21 reminds us that, now more than ever, assembling the right tenant mix and improving the quality of revenues is imperative. Our ‘e-commerce resistant’ business model focusing on local and service-based retail versus the national hard-good retailers continues to prove its value. Our model has greatly reduced our exposure to the headwinds affecting others in our space. Quite frankly, we have barely been affected.”

Mr. Mastandrea added, “As local curators, it is our passion to understand the communities we are in and customize our properties to suit the needs of the neighborhood accordingly. We have invested our time and effort carefully and thoughtfully, and in doing so, we have built a portfolio of cash flow stability to reward our shareholders.” 

About Providence Plaza
Providence Plaza is located on Highway 6 South with a high Vehicle Per Day (VPD) average of 57,000, serving the high growth community of Sugar Land, Texas. According to WalletHub, it is one of the fastest growing cities in America. Sugar Land, 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 new lineup will include a local Sprint franchise; PAE Professional Services LLC, a company that has partnered with the U.S government to provide immigration application services www.pae.com; a UPS pick-up and drop-off location; Iora Health Care, a subsidy of Humana www.ioraprimarycare.com; and Vishala Grocery, an existing tenant opening a grocery warehouse to serve fresh produce, specialty Indian grocery items and ethnic delicacies at affordable prices to its five locations throughout the Houston market. This lineup joins longtime super-regional fixtures Spec’s Wines Spirits and Finer Foods, Dollar Tree, local pet care provider Shugrem Grooming, neighborhood restaurant favorite Isabel’s Kitchen, and health and beauty supplier Beauty Empire.

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 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, please visit www.whitestonereit.com .

Contact Whitestone REIT:
Kevin Reed
Director of Investor Relations
(713) 435-2219

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