The Picklr Opens at Whitestone REIT’s Eldorado Plaza in McKinney, Texas
On June 11, 2024, Whitestone REIT (NYSE: WSR) announced the opening of The Picklr at Eldorado Plaza in McKinney, Texas. The Picklr, North America's fastest-growing indoor pickleball franchise, replaces the former Bed, Bath, and Beyond space. This addition aims to increase foot traffic and cater to the community's needs. The Picklr plans to open 38 new clubs nationwide, with 52 more leases expected by 2025. NFL legend Drew Brees is a Brand Ambassador and investor. Whitestone's Eldorado Plaza, purchased in 2017, benefits from high local household incomes and is set to see accelerated growth due to this new tenant.
- The Picklr's opening expected to increase foot traffic at Eldorado Plaza.
- The Picklr plans 38 new clubs and 52 additional leases by 2025.
- Drew Brees as Brand Ambassador and investor boosts The Picklr's profile.
- Eldorado Plaza benefits from an average 3-mile household income of $140,000.
- The Picklr's presence aligns with the health and fitness trend.
- Whitestone's Quality of Revenue initiative advances with a high-demand franchise.
- McKinney's business-friendly environment attracts companies and young families.
- Replacement of a large tenant (Bed, Bath, and Beyond) could have involved substantial costs.
- Dependence on emerging trends, such as pickleball, which may wane over time.
- Potential risks if new leases and club openings do not proceed as planned.
HOUSTON, June 11, 2024 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) is pleased to announce that The Picklr has opened at Eldorado Plaza in McKinney, Texas. The Picklr is North America’s fastest-growing indoor pickleball franchise and it represents a strong upgrade in terms of tenant quality at the Trader Joe’s-anchored center. In addition to increasing Eldorado’s foot traffic, The Picklr helps the center better meet the needs of the surrounding community with a best in-class operator capitalizing on a sport designed to draw together people of all ages.
“We are thrilled to welcome The Picklr to Eldorado Plaza and capitalize on the strong wave of interest in pickleball,” said Whitestone REIT COO, Christine Mastandrea. “When looking to fill the former Bed, Bath and Beyond space, we wanted to partner with an exciting brand that is benefiting from the health and fitness trend and draws traffic to the center, and that’s exactly what The Picklr will do. No sport brings people together quite like Pickleball.” Anchored by Trader Joe’s, Starbucks, Hollywood Feed and Christina’s Mexican Restaurant, The Picklr adds a key category, athletics, to the current lineup of businesses.
The Picklr has announced that 38 new clubs will open across the U.S., with 52 additional leases in final negotiations for openings in 2024 and 2025. In February 2024, one of the greatest quarterbacks in the history of the NFL, Drew Brees, was named Brand Ambassador, along with being an investor, as well as Owner/Area Developer of 20 Picklr franchises. The Picklr has announced a strategic partnership with Pickleball Inc., aligning two of the largest brands in pickleball and set to drive franchise growth and new memberships at Picklr locations.
Whitestone purchased Eldorado Plaza in 2017, which benefits from an average 3-mile household income of
“McKinney is experiencing explosive growth,” Mastandrea continued. “Surrounded by Frisco, Allen and Plano, the entire area continues to benefit from being a very business friendly environment and is steadily attracting companies and young families.”
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit www.whitestonereit.com.
About The Picklr:
At The Picklr, pickleball is more than just a sport; it's a lifestyle that fosters community, competition, and fun. With over 275 planned state-of-the-art facilities, with professional coaching, clinics, unlimited open play membership model and a vibrant atmosphere, The Picklr offers an unparalleled pickleball experience for players of all skill levels. All locations offer state-of-the-art professional-grade outdoor surfacing, onsite snacks and drinks, and access to free leagues, tournaments, and clinics.
Investor and Media Contact:
David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23fa4d26-b97a-48a2-a10c-6f0fa0cf1799
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