Whitestone REIT Adds Specialty Food Component at Lake Woodlands Crossing and Sugar Park Plaza Centers

Rhea-AI Summary

Whitestone REIT announces successful leasing updates at two open-air shopping centers in Houston, reaching 100% occupancy at Lake Woodlands Crossing and adding a popular grocery store and market at Sugar Park Plaza.

HOUSTON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) is pleased to share leasing updates for two of its open-air shopping centers in Houston. The Company added Wild Fork, a modern-day meat and seafood market, at Lake Woodlands Crossing, bringing occupancy at the Total Wine anchored center to 100%. In addition, Whitestone added Vishala Foods, specializing in spices and produce used in Indian cuisine, at Sugar Park Plaza.

“We’re pleased to add a grocery component at the Lake Woodlands Center as well as a market meeting local demands with Vishala Foods at Sugar Park Plaza,” stated Whitestone’s COO, Christine Mastandrea. “Wild Fork has a strong and loyal following throughout the country, especially within the farm to fork community and Vishala is very popular in Greater Houston, and they both help fill a void in the market for specialty foods. We look forward to continuing this exciting leasing momentum throughout our portfolio.”  

Lake Woodlands Crossing (“Property”) is a 60,000 square-foot retail center located in the heart of The Woodlands, across from Market Street – a luxury brand, walkable outdoor shopping center with a 1-mile average household income in excess of $250,000. The property is located in close proximity to numerous corporate campuses and businesses, including Huntsman Corporation, Halliburton, Baker Hughes, OXY and Woodforest National Bank. Whitestone acquired the property in December 2022.

Whitestone CEO, Dave Holeman, commented, “Our bringing Lake Woodlands Crossing from 89% occupancy to 100% occupancy in under a year reflects our leasing team’s ability to add value using local knowledge and technology. We continue to see a strong leasing environment in Texas and Arizona as consumers continue to frequent the service-oriented businesses of tenants at our centers.”

Vishala’s addition at Sugar Park marks its 2^nd location at a Whitestone property and 8^th location overall. Vishala joins a highly synergistic merchandising mix at the 90,000 square foot Sugar Park Plaza, which lies at the entrance to the fast-growing Fort Bend County neighborhoods of Stafford, Missouri City, and Sugar land.

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 the Company's investor relations website.

Investor and Media Contact:

David Mordy
Director of Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com

FAQ

What are the recent leasing updates at Whitestone REIT's properties in Houston?

Whitestone REIT announced the successful addition of Wild Fork at Lake Woodlands Crossing, reaching 100% occupancy, and Vishala Foods at Sugar Park Plaza.

What are the key features of Lake Woodlands Crossing and Sugar Park Plaza?

Lake Woodlands Crossing is a 60,000 square-foot retail center located in The Woodlands, with a high-income demographic and close proximity to major corporate campuses. Sugar Park Plaza is a 90,000 square foot property at the entrance to fast-growing neighborhoods in Fort Bend County.

What is the significance of the leasing updates for Whitestone REIT?

The successful leasing updates reflect the company's ability to add value and achieve full occupancy within a year, indicating a strong leasing environment in Texas and Arizona.