Whitestone Reports the Acquisition of Las Colinas Village in Dallas
The Acquisition follows Microsoft’s Recently Announced Expansion in the Neighborhood
HOUSTON, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) acquired Las Colinas Village, a 104,915 square foot center in Las Colinas, Texas, an upwardly mobile, young professional community of Irving, Texas along North Dallas’ “Platinum Corridor.” Las Colinas Village is located on an intersection with a daytime VPD of 187,000 and an average 3-mile radius HHI of $101,000 a year.
Jim Mastandrea, Chairman and Chief Executive Officer, commented, “Whitestone’s acquisition of Las Colinas Village is another off-market purchase in the desirable, high growth markets in which employers and employees alike are moving to. A recent ‘Emerging Trends in Real Estate 2020’ report by the Urban Land Institute has Dallas-Fort Worth ranked 6th out of 80 in the ‘Top Markets to Watch for Investor Demand in 2020.(1)’”
Mr. Mastandrea added, “Las Colinas will be immediately accretive to earnings and will add value with the pad site development opportunity, occupancy lease-up potential, and built-in rent escalators.” Mr. Mastandrea commented further, “Whitestone has a Dallas regional team in place, who will manage and lease this new property, along with our other properties, with no additional overhead, leveraging our existing cost structure, providing economies of scale.”
About Las Colinas, TX
Las Colinas is home to one of the largest corporate parks in the country, hosting the corporate headquarters of Fortune 500 companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals, and Celanese. The area continues to see business expansion, highlighted most recently in late October when Texas Governor Abbot announced the expansion of Microsoft’s regional hub. .
Las Colinas is located in the Dallas-Fort Worth-Arlington MSA, the fourth largest metropolitan statistical area in the United States with 2019 projected population of 7.7 million, a 21.6% increase from 2010 US Census population of 6.4 million. Population growth is projected to continue at over 1.0% annual growth rate. The Las Colinas submarket historically has been in the top five best performing submarkets in the DFW MSA.
Mr. Mastandrea concluded, “Microsoft’s recent investment in its Las Colinas regional hub is further evidence of the thriving business-friendly climate in the Dallas-Fort Worth market and high quality of life of the surrounding neighborhoods.”
About Las Colinas Village
Las Colinas Village is Whitestone’s eighth property acquisition in its Dallas-Fort Worth market, bringing its total leasable square feet in the region to approximately 670,000. The property is currently 85.6% occupied, offering significant upside opportunity with the potential for additional pad site developments on land which was included in the original purchase price. Also included are options to acquire three adjacent non-owned single-tenant pads.
About Whitestone REIT
Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality "e-commerce resistant" neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone’s optimal mix of national, regional and local tenants provides daily necessities, needed services and entertainment to the communities in which they are located. Whitestone's properties are primarily located in business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which are among the fastest growing U.S. population centers with highly educated workforces, high household incomes and strong job growth. For additional information, visit .
(1) Source: ULI 2019
Whitestone REIT Contact:
Kevin Reed, Director of Investor Relations
Whitestone REIT
(713) 435-2219
