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.