HOUSTON, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) ("Whitestone" or "the Company"), a fully integrated real estate company that owns, redevelops, repositions, leases, manages and operates value-add Community Centered PropertiesTM, announced today that leased occupancy at its Village Square at Dana Park property is at 93% with the signing of five new tenants. The occupancy of the 323,000 square foot center stood at 71% when it was acquired by the Company in September 2012. The new tenants include Pure Barre, Relax The Back, Ferguson, Mad Greens and Modern Law.
Village Square at Dana Park is located just off of the high-traffic Superstition Freeway with over 240,000 vehicles per day passing by the property. Village Square at Dana Park, with a population of 341,000 people within a 5-mile radius, has been described as an urban lifestyle center because of its dynamic street scenes and its quality of stores and presence. The property is designed to meet the needs of the young urban professionals, affluent families and savvy suburbanites surrounding it in the fast-growing and thriving Mesa, Gilbert and Chandler communities with their burgeoning high tech industry, which includes Apple and Intel manufacturing facilities.
James C. Mastandrea, Chairman and Chief Executive Officer, said, "We are pleased and excited to welcome five well-known tenants to our Village Square at Dana Park community center. Our strategy when we acquired this underutilized property in 2012 was to transform the tenant mix to meet the needs of the surrounding communities, increase occupancy and create upside value, and we have certainly met our goals. By successfully executing our growth strategies, we have created a complementary mix of grocery and dining, health, wellness and beauty, education and services, while taking the occupancy from 71% to 93%. In addition, we are continuing to realize the upside potential of this property and are projecting that our five new tenants will increase the net operating income of Dana Park by over 15%."
Mr. Mastandrea concluded, "Village Square at Dana Park clearly demonstrates our ability to attract up-scale, service-oriented tenants to our community centered properties. Our systems, structure and culture are designed around meeting the needs of our tenants and their customers to foster long-term customer loyalty and help tenants build successful businesses. We are innovative in our approach, with creative ways to drive tenant growth and demand while continually enriching our services and our properties."
Pure Barre is the largest, most established barre franchise in North America, with more than 250 studios across the United States, adding its newest location in Mesa, Arizona next month at Village Square at Dana Park. Pure Barre is a total body workout that utilizes the ballet barre to perform small, isometric movements, which burn fat, sculpt muscles, and create long, lean physiques.
Relax The Back has been in the Valley since 1994 and will be opening their largest store in the country at Village Square at Dana Park with 4,000 square feet. Relax The Back provides non-surgical solutions for people with back pain or who wish to avoid back pain. They provide solutions to help people sleep better, work more productively and rest more comfortably.
Ferguson has chosen Village Square at Dana Park for one of their destination showrooms. Their showroom will feature a first-class gallery with fully functional displays and the latest products in the plumbing and building industries. With experience and expertise that goes beyond plumbing, they are a diverse distributor that spans multiple businesses including HVAC/R, waterworks and industrial. Ferguson provides commercial and residential plumbing supplies including pipes, valves, heating and cooling equipment, and kitchen and bath appliances.
With a recent partnership with the Coors Family, the Colorado-based Mad Greens now operates 15 locations and has chosen Village Square at Dana Park for their newest addition of this healthy eating restaurant. Preparing everything in-house and sourcing local ingredients straight from area farms, bakeries and dairies, East Valley residents will now have a go-to place for healthy eating.
Modern Law will be opening its newest location next month at Village Square at Dana Park. What makes Modern Law unique from other firms is the focus that it places upon limited-scope services at a fraction of the cost of traditional attorneys.
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, redevelops, repositions, leases, manages and operates Community Centered PropertiesTM. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants. Whitestone's diversified tenant base provides service offerings including specialty retail, grocery, restaurants, medical, educational and financial services. Founded in 1998, the Company is internally managed with a portfolio of 67 commercial properties in Texas, Arizona and Illinois. For additional information about the Company, please visit www.whitestonereit.com.
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.