Featured Company News - Whitestone Executes Three New Tenant Leases at its Mercado at Scottsdale Ranch Property in Arizona
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LONDON, UK / ACCESSWIRE / November 15, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Whitestone REIT (NYSE: WSR) ("Whitestone"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=WSR. The Company, which is a Community-Centered retail real estate investment trust that acquires, owns, manages, develops, and redevelops high-quality ecommerce resistant neighborhood, community, and lifestyle retail centers, announced on November 13, 2017, the execution of three new tenant leases. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The new leases comprise the signing of Planet Fitness, Hacienda's Mexican Grill, and Eggstasy restaurants at its Mercado at Scottsdale Ranch. The new tenants are Ecommerce Resistant and are expected to increase occupancy at the property by 25%.
Mercado at Scottsdale Ranch Provides Tenants Access to An Affluent Population
Mercado at Scottsdale Ranch is a stabilized Class-A Community Center located in the affluent Shea Corridor area of central Scottsdale. Whitestone had acquired Mercado at Scottsdale Ranch on June 24, 2013, for $21.3 million.
Its location, East Via Linda at the Mountain View Road, is a primary entryway for the surrounding neighborhoods.
Located at the intersection of East Via Linda & Mountain View Road, it is the main shopping center serving the upscale Scottsdale Ranch neighborhood and the nearby Mirador and Ensenada del Oro neighborhoods. Therefore, it provides its occupants access to a densely populated, master-planned, and affluent community with an average household income of $120k within a 1-mile radius.
The shopping center is spread over 118,730 SF and provides access to a broad, diverse tenant mix that includes dining, health and personal care, education, specialty retail, as well as education service providers.
Three New Leases
The total area for the new leases totals up to 35,710 SF and comprises the signing of Planet Fitness, Hacienda's Mexican Grill, and Eggstasy restaurants at its Mercado at Scottsdale Ranch. Of these, Hacienda's and Eggstasy have already opened for business while Planet Fitness, which is the largest of the three new tenants occupying 29,192 SF, is expected to open by the end of the year.
Implications
Whitestone's Chairman and Chief Executive Officer (CEO), James C. Mastandrea, shared his views about the implications of these three new leases.
He stated that he was particularly pleased to have Planet Fitness become a part of the Whitestone community. He believes that it would help drive greater traffic to all the existing tenants in the Mercado at Scottsdale Ranch property.
He also stated that the addition of Hacienda's Mexican Grill and Eggstasy restaurants further strengthens its core philosophy, which is to offer Ecommerce Resistant services that cater to the needs of the local community, and ensure the stability of cash flow for Whitestone's shareholders.
The three new leases increase Whitestone's Phoenix market occupancy by 1.2%, and Whitestone's overall occupancy by 0.6%. They are expected to scale the Company's operating infrastructure and add approximately $325,000 to the 2018 net operating income.
Last Close Stock Review
At the closing bell, on Tuesday, November 14, 2017, Whitestone REIT's stock slightly rose 0.55%, ending the trading session at $14.56. A total volume of 332.81 thousand shares have exchanged hands. The Company's stock price surged 12.78% in the last three months, 30.47% in the past six months, and 8.09% in the previous twelve months. Moreover, the stock gained 1.25% since the start of the year. The stock is trading at a PE ratio of 80.00 and has a dividend yield of 7.83%. The stock currently has a market cap of $556.92 million.
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