Whitestone Continues to Add Tenants, Welcoming the Opening of Local Entrepreneur Sheila Bryson’s Latest Restaurant, ALMA, to its North Scottsdale Seville Property in Arizona

Rhea-AI Summary

Whitestone REIT (NYSE: WSR) announced the opening of ALMA, a restaurant by entrepreneur Sheila Bryson, in Scottsdale Seville, AZ. This opening marks Bryson's fourth restaurant following successful ventures such as Soul Café and Vic & Ola’s. ALMA, focusing on authentic Southwestern and Mexican cuisine, is set in a prime location with high traffic counts and nearby luxury developments. CEO Jim Mastandrea expressed pride in supporting local entrepreneurs and highlighted the strength of their tenant base even during COVID. Whitestone REIT has consistently paid monthly dividends for over 15 years.

Positive

• Opening of ALMA adds to Whitestone's diverse tenant base.
• ALMA is located in a high-traffic, desirable area near luxury developments, potentially boosting foot traffic.
• Company has a history of supporting local entrepreneurs, enhancing community ties.

Negative

• None.

HOUSTON, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) is pleased to announce well-known local entrepreneur and restaurateur Sheila Bryson has done it again… this time, despite COVID. Sheila is opening her sixth business venture, and fourth restaurant, within the business-friendly confines of another Whitestone community. ALMA restaurant, a chef-inspired “West by Southwest” creation, will be opening at Scottsdale Seville, in Scottsdale, AZ.

After successful launches of Soul Café, an upscale comfort food restaurant at Sunset at Pinnacle Peak property a few years back, and Vic & Ola’s, an Italian cuisine restaurant, and the Copper Club, a banquet & catering venue, last year at Whitestone’s Market Street at DC Ranch property, Sheila is bringing her latest restaurant venture to another highly sought after Whitestone locale.

Scottsdale Seville is a 90,000+ square foot, 18-hour neighborhood center in a very enviable location. At the crossroads of Paradise Valley and Scottsdale with a traffic count of 62,400 vehicles per day on Scottsdale Rd., the center is across the street from the luxury megadevelopment, The Palmeraie by Ritz Carlton The Palmeraie - Green Living Magazine, and the highly desirable Fendi Private Residences Robb Report - Fendi Private Residences of Scottsdale AZ. Scottsdale Seville is also across the street from the McCormick-Stillman Railroad Park, which attracts over a million visitors per year. Whitestone’s other major tenants at Seville include Ruth’s Chris Steak House, Orange Theory Fitness, Starbucks, Massage Envy, and now, ALMA.

Whitestone Chairman and CEO Jim Mastandrea commented, “Whitestone’s tenant base continues to grow, and we are pleased to have Chef Sheila be a part of our Scottsdale Seville community. We often say, ‘local knows local best’ and take great pride in helping incubate Sheila’s first restaurant, Soul Café, in 2012.” Mr. Mastandrea continued, “Our focus remains on strong operators who are well capitalized entrepreneurs and expand their businesses to achieve their own distinctive ‘American Dream.’ Our large base of entrepreneurial tenants --which is contrarian to the traditional large national retailer real estate held in many REITS-- has demonstrated financial strength before and during COVID, and we expect it to continue after the pandemic as well.” Mr. Mastandrea concluded, “Chef Sheila has been part of the Whitestone family since we first expanded into Scottsdale and we are pleased she chose yet another one of our properties to share her creative talents with food lovers.”

About ALMA
ALMA is a woman-owned and operated restaurant by Executive Chef Sheila Bryson, offering eclectic dishes influenced by the flavors and cultures of the Southwest. Committed to giving the true tastes of authentic & traditional Mexican cooking, Alma uses only the best ingredients and prepares everything in house daily - handmade corn & flour tortillas, nine different salsas, and slow roasted barbacoa to name a few. The outdoor beauty of Arizona is brought inside through a large patio and lounge, with windows and doors that stay open year-round. The indoor/outdoor bar and expansive lounge seating is perfectly paired with an extensive tequila & mezcal list and an impressive cocktail program.

About Whitestone REIT 
Whitestone 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.

Investors Contact:
Kevin Reed, Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com

 

FAQ

What is the significance of the ALMA restaurant opening for Whitestone REIT (WSR)?

The opening of ALMA strengthens Whitestone's tenant portfolio, highlighting the company's commitment to supporting local businesses.

Where is the ALMA restaurant located?

ALMA is located in Scottsdale Seville, Scottsdale, AZ, a prime area with significant traffic and luxury developments.

How long has Whitestone REIT been paying dividends?

Whitestone REIT has consistently paid monthly dividends for over 15 years.

What type of cuisine does ALMA offer?

ALMA offers eclectic dishes influenced by Southwestern and traditional Mexican cooking.

Who is the CEO of Whitestone REIT?

The CEO of Whitestone REIT is Jim Mastandrea.