Expanded Renovation Underway
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 Ross Dress for Less® has
leased 25,000 square feet of retail space at Windsor Park Centre in the
City of Windcrest near San Antonio, and plans to open it for business in
2012.
Windsor Park Centre, owned and managed by Whitestone REIT, currently
consists of approximately 200,000 square feet of gross leasable area and
fronts northbound Interstate 35 at Walzem Road in the City of Windcrest.
In addition to Ross Dress for Less®, this Whitestone Community Center
also includes the University of Phoenix, Michaels, Cavender’s Boot City,
Office Depot and PetSmart.
“The recent inclusion of Ross Dress for Less® to the merchandising mix
at Windsor Park Centre complements our core business service-oriented
model to another tenant that is goods oriented with a regional draw,
increasing the occupancy and value of the Center for our shareholders
and bringing a substantial flow of new sales tax revenues for the
residents of the City of Windcrest,” said James C. Mastandrea,
Whitestone’s Chairman and Chief Executive Officer.
Mastandrea added, “The leasing plan at Windsor Park Centre is an
excellent example of Whitestone’s management team’s ability to create
value. When former tenant Circuit City filed for bankruptcy, the
physical occupancy at the Center declined to less than 60%.
Subsequently, in cooperation and partnership with the City of Windcrest,
we repositioned and re-tenanted the property, which we initiated with
the University of Phoenix. We expect the property to be fully leased by
the end of the 1st quarter 2012.”
The first phase of Whitestone’s previously announced renovation plan for
the property has been initiated, and includes new architectural
features, as well as a redesigned parking and street plan. Renovation of
the entire Center façade is presently underway.
About Ross Stores
Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST)
company headquartered in Pleasanton, California, with fiscal 2010
revenues of $7.9 billion. The Company operates Ross Dress for Less®
("Ross"), the largest off-price apparel and home fashion chain in the
United States with 1,013 locations in 27 states and Guam. Ross offers
first-quality, in-season, name brand and designer apparel, accessories,
footwear and home fashions for the entire family at everyday savings of
20% to 60% off department and specialty store regular prices. The
Company also operates 78 dd's DISCOUNTS® in six states that feature a
more moderately-priced assortment of first-quality, in-season, name
brand apparel, accessories, footwear and home fashions for the entire
family at everyday savings of 20% to 70% off moderate department and
discount store regular prices. Additional information is available at http://www.rosstores.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
Ross
Dress for Less
Bobbi Chaville, 925.965.4289
Senior
Director, Investor Relations & Media Relations
bobbi.chaville@ros.com