Addition of 4,500 Square Foot Outparcel Planned as Part of
Transformation Project
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-Amex:WSR) (“Whitestone”), a real estate
investment trust that acquires, owns and operates Community Centered
PropertiesTM, announced a major renovation project at South
Richey, a Community Center located in Houston’s Pasadena suburb. The
announcement was made as Super Bravo, Inc., d/b/a/Bravo Ranch
Supermercado, signed a lease for 42,130 square feet of space for a new
Hispanic themed grocery store, with plans to open for business in April
2012 in the space formerly occupied by Kroger, which left the Center in
February 2011.
"BEFORE" South Richey Center was 94% occupied prior to the recent departure of Kroger supermarket. (Photo: Business Wire)
“We are excited to welcome Bravo Ranch Supermercado at South Richey as
we initiate a transformation project to create another Hispanic-themed
Community Center within our Houston portfolio. Value-add plans include
developing an additional 4,500 square foot pad site along with a
complete exterior façade, redeveloping and fashioning the tenant mix to
emphasize the ethnicity of the local market. Our new tenant formed and
operated a chain of Hispanic grocery stores called Mi Rancho and sold
them to La Michoacana. His company plans to grow Bravo Ranch
Supermercado into a similar size operation,” said James C. Mastandrea,
Whitestone’s Chairman and Chief Executive Officer. “Hispanics comprise
78.2 percent of the total population within a three mile radius of this
high-visibility Center, which is located in a densely populated
residential area on a busy corner where over 20,000 cars pass each day.”
Whitestone has eight Hispanic-themed Community Centers in Houston and
surrounding Harris County, where the 2010 US census shows the Hispanic
population increased from about 33 percent to 40 percent of the area’s
total population since 2000. Further, Texas had the largest population
growth in the nation from 2000, at almost 4.5 million people.1
Rafael Melara, Senior Leasing Agent, of Whitestone REIT, represented
Whitestone REIT as landlord, while Earl Harris of Weitzman Commercial
represented Bravo Ranch Supermercado.
About South Richey Center
South Richey Center, owned, managed and leased by Whitestone REIT, is
located at the northeast corner of South Richey at Queens in Pasadena.
The Center currently consists of 69,928 square feet of gross leasable
area with 10 retailers, including Little Caesars and a ground lease to
Burger King. The principal architect for the redevelopment is Marc
Boucher of Hermes Architects.
“AFTER” – Whitestone REIT announced a new lease for Bravo Ranch
Supermercado in its South Richey Center, located in Pasadena, near
Houston. The new lease will initiate a major renovation of the Community
Center, including a total exterior makeover to highlight the Hispanic
theme and create a more inviting shopping environment. The major
redevelopment, projected to be completed in April 2012, features colors
and materials that enhance the entryway into Bravo Ranch Supermercado,
as well as a resurfaced parking lot and new landscaping to improve
traffic flow, make parking easier, and update the appearance of the
public areas.RETAIL MIX: Bravo Ranch Supermercado, Little
Caesars®, Burger King®, as well as several small space service oriented
tenants.
“BEFORE” South Richey Center was 94% occupied prior to the recent
departure of Kroger supermarket.
About Bravo Ranch Supermercado
Bravo Ranch Supermercado is a family company focused on selling food and
non-food products. The Company’s mission is to provide a large selection
of healthy and high quality products and services at the lowest price
possible to help with family economy, in a family-friendly atmosphere
that makes trips to the Bravo Ranch Supermercado a pleasurable and fun
experience. Locations include Dallas, Oklahoma City, and our newest
location in the Pasadena suburb of Houston.
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 centers 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.
1Source: Dallas Morning NewsJan 29, 2011 “Hispanic Surge,
Metro Area Growth Could Reshape Texas’ Political Future”
http://www.dallasnews.com/news/state/headlines/20110129-hispanic-surge-metro-area-growth-could-reshape-texas-political-future.ece
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50041675&lang=en
Whitestone REIT
Anne Gregory, 713-435-2219
Vice
President Marketing & Investor Relations
agregory@whitestonereit.com
Source: Whitestone REIT