Expanded Renovation Planned for Asian Community Center in Houston’s
International Management District
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-Amex: WSR – “Whitestone”), a real estate
investment trust that acquires, owns and operates Community Centered
PropertiesTM, today announced that Teletron, an electronics,
home appliance and furniture retailer, has leased 17,500 square feet of
retail space at Lion Square Center, an Asian-themed Community Center
located in Houston’s International Management District.
An established brand name retailer of electronics, home appliances and
furniture, Teletron has two stores in the Los Angeles, California area
and will make its Houston market debut at Lion Square Center with a
projected fourth quarter opening date. The first phase of Whitestone’s
previously announced transformation plan for the property to become an
upscale, Asian-themed Community Center will be completed during 2011,
with a new store front for Teletron and adjacent Best Savings
Supermarket, enhanced parking lot lighting, and a newly resurfaced
parking lot. Renovation of the entire Center façade will be completed in
2012, including new architectural and landscaping features to enhance
the internationally-themed culture within the Lion Square Center.
“The inclusion of Teletron to the tenant and merchandising mix at Lion
Square will create a destination oriented Community Center and
substantially increase cross-shopping traffic – Driving Traffic, Driving
ValueTM for existing tenants at Lion Square and for our
shareholders as leases expire or roll,” said James C. Mastandrea,
Whitestone’s Chairman and Chief Executive Officer. “We are excited to be
part of the ongoing success story for the Teletron owners, an
entrepreneurial Vietnamese family, as they grow their retail presence
serving Asian communities.”
About Teletron
Teletron is a “one stop shop” of branded electronics, furniture and
household items. Based in Los Angeles with two locations, its first
store was established in 2008. Teletron’s discount [value pricing]
approach stems from its ability to provide products directly from the
manufacturers to its customers. Our audience is primarily Asian, and its
associates are fluent in speaking Korean, Chinese, Filipino, Japanese,
and Vietnamese.
Teletron is the official agent of many popular brands including Sony,
LG, Samsung, Bose, Pioneer, Panasonic, GE, Whirlpool, May Tag, Inada,
Tempur-Pedic, Moroni, Tiger, and ZOJIRUSHI. Teletron offers a wide
variety of popular electronics: from televisions, home theater systems
and Karaoke machines to refrigerators, washers and dryers. Its furniture
department features an array of dining tables, sofas, massage chairs,
plus more. Additionally, Teletron offers essential small appliances,
from telephones, DVD players and heaters to kitchen items such as rice
cookers, pots and pans and much more. A list of Teletron’s complete line
of merchandise is available online at www.teletronusa.com.
About Whitestone REIT
Whitestone REIT is a fully integrated real estate company that owns,
operates and re-develops Community Centered PropertiesTM,
which are visibly located properties in established or developing
culturally diverse neighborhoods. Whitestone focuses on value-creation
in its Centers, as it markets, leases and manages its Centers to match
tenants with the shared needs of surrounding neighborhoods. Operations
are structured for providing cost-effective service to local
service-oriented smaller space tenants (less than 3,000 square feet).
Whitestone has a diversified tenant base concentrated on service
offerings such as medical, education, and casual dining. The largest of
its over 800 tenants comprises less than 2% of its rental revenues.
Headquartered in Houston, Texas and founded in 1998, the Company is
internally managed with a portfolio of commercial properties in Texas,
Arizona, and Illinois. For additional information about the Company,
please visit www.whitestonereit.com.
The investor section of the Company's website has links to SEC filings,
news releases, financial reports and investor newsletters.
Forward-Looking Statements
Statements included herein that state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future
are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature, involve
known and unknown risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed
or implied by these statements. Reference is made to the Company's
regulatory filings with the Securities and Exchange Commission for
information or factors that may impact the Company's performance.
Source: Whitestone REIT
Contact:
Whitestone REIT:
Anne Gregory, 713-435-2219
Vice
President Marketing & Investor Relations
agregory@whitestonereit.com
or
Teletron:
Uy
Nguyen, 877-892-6999
President and Owner
www.teletronusa.com