Increased Consumer Spending in Whitestone’s High Household Income Neighborhoods Lead to Lease Extensions with Two Essential...
September 01 2020 - 3:15PM
Whitestone REIT (NYSE: WSR) announced today that Safeway has
exercised its option to extend the lease term on two existing
leases in Whitestone’s Phoenix market. The two leases
aggregate to 102,521 square feet, or approximately 2.1% of
Whitestone’s gross leasable area.
Jim Mastandrea, Chairman and CEO of Whitestone REIT commented,
“We are pleased to announce these term extensions but were not
surprised given the high household income markets we have
strategically chosen to be in. The significant repeat foot traffic
that our centers draw entice businesses to want to be a part of our
centers and underscore the importance they play in our
neighborhoods during these trying times. Having essential
businesses like a well-respected grocer such as Safeway recognize
the value of our high-quality properties and want to be a part of
the communities we support proves our resiliency.” Mr.
Mastandrea concluded, “Whitestone’s well-located, e-commerce
resistant properties have performed exceptionally well and have
been pillars of our communities throughout this pandemic. We are
proud of the support our centers and team have been providing all
of our stakeholders, and are pleased Safeway wants to continue to
be a part of that service too.”
The first lease extension is for the recently renovated Safeway
location anchoring Whitestone’s Pinnacle of Scottsdale property,
which is strategically located in the heart of North Scottsdale's
high income neighborhoods of Greyhawk, Desert Highlands, Estancia
and Troon Village. Pinnacle of Scottsdale, which has a 3-mile
Average Household Income of $133,889 and a 3-mile Average Home
Value of $707,949, plays an integral part of these communities as
the go-to destination, and Safeway has been a key essential anchor
to the neighborhood, supporting it throughout this pandemic.
The second lease extension is for the Safeway anchoring
Whitestone’s Anthem Marketplace, located in the Anthem submarket.
This neighborhood center is one of two prominent shopping centers
in the Anthem area, and is conveniently located near Anthem
Community Park, Elementary School, and Community Center. This high
traffic property offers a variety of dining, retail, and service
tenants, as well as other essential services including medical and
daycare providers.
About Whitestone REITWhitestone is a
community-centered shopping center REIT that acquires, owns,
manages, develops and redevelops high-quality neighborhood centers
primarily in the largest, fastest-growing and most affluent markets
in the Sunbelt. Whitestone seeks to
create Communities That Thrive through Creating
Local Connections between consumers in the surrounding
communities and a well-crafted mix of national, regional and local
tenants that provide daily necessities, needed services,
entertainment and experiences.
Whitestone is a monthly dividend paying stock and has
consistently paid dividends for over 15 years.
Whitestone’s strong balanced and managed capital structure
provides stability and flexibility for growth and positions
Whitestone to perform well through economic cycles.
For additional information, please
visit www.whitestonereit.com .
About SafewaySafeway is owned by Albertsons
Companies, which is a leading food and drug retailer in the United
States. As of June 20, 2020, the Company operated 2,252 retail food
and drug stores with 1,726 pharmacies, 402 associated fuel centers,
22 dedicated distribution centers and 20 manufacturing facilities.
The Company operates stores across 34 states and the District of
Columbia under 20 well-known banners including Albertsons, Safeway,
Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United
Supermarkets, Pavilions, Star Market, Haggen and Carrs. The Company
is committed to helping people across the country live better lives
by making a meaningful difference, neighborhood by
neighborhood.
Investors Contact:Kevin Reed, Director of
Investor RelationsWhitestone REIT(713)
435-2219ir@whitestonereit.com
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