Whitestone REIT, a fully integrated real estate company that owns,
operates and redevelops Community Centered Properties, announced
that occupancy at its Market Street at DC Ranch Property increased 6%
to 86 percent, up from 80 percent when the property was purchased in December 2013.
The increase is the result of signing eight new leases totaling
approximately 15,000 square feet.
Two additional dining options will be added to the property, Jalapeno
Inferno Restaurant and The Living Room Wine Cafe & Lounge, as well as
Paradise Medspa, DC Ranch Community Medicine, GoldenHawk Financial,
Pavoreal Interiors, Lindsey Schultz Design and DC Dance AZ. All of our
new tenants were selected to serve the needs of the community providing
grocery and dining, education, health & wellness, and services. Leases
for these tenants have been signed and the locations will be opening in
the coming months.
Additionally, Safeway, the Center’s grocery anchor has committed to a
$500,000 investment in its store to enhance the shopping experience for
its customers.
Market Street was acquired in December, 2013, and includes a Safeway
Grocery and Fleming’s Steak House, Grimaldi’s Pizza, Wells Fargo and
MidFirst Bank wealth management offices, McCormick & Co., and Edward
Jones, among the nationally recognized tenants; and, other locally
recognized tenants that include Market Street Kitchen and Herb Garden
restaurants, and a number of others.
James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer,
said, “The second location of Scottsdale’s renowned Jalapeno Inferno
Restaurant in a Whitestone Community Center demonstrates a key aspect
of our business model – expanding our tenants to profitably build their
businesses by meeting the needs of residents in the surrounding
communities. Their success is our success.”
Mastandrea added, “We are excited to bring additional new tenants so
quickly to Market Street and will be working to have them open for the
2014-15 season. Market Street demonstrates the ability of our value-add
business model to create NOI and cash flow.” Mastandrea concluded, “As
we continue to gain traction in our newest region, Phoenix, we expect
to expand in other markets in Texas.
