Whitestone REIT to Open The Picklr Cave Creek at Terravita Marketplace in North Scottsdale, Arizona

Rhea-AI Summary

Whitestone REIT (NYSE: WSR) has signed a lease with The Picklr to open a 20,909-square-foot indoor pickleball facility at Terravita Marketplace in Scottsdale, Arizona. The facility, expected to open in the second half of 2025, will feature eight premium indoor courts and will be located next to Ace Hardware.

The Picklr Cave Creek location will serve the North Scottsdale, Carefree, and Cave Creek communities, offering league competitions, tournaments, clinics, private lessons, court reservations, rated open-play, and charity events in a climate-controlled environment. The facility is strategically positioned within a 15-minute drive from TSMC's semiconductor fabrication facility and historic downtown Cave Creek, in an area where average household income exceeds $200,000.

The Picklr, founded in 2021, has grown to become North America's fastest-growing indoor pickleball franchise with over 500 locations. Former NFL quarterback Drew Brees serves as Brand Ambassador and is an investor and Owner/Area Developer of 30 Picklr franchises.

Positive

• Strategic tenant addition expected to drive all-day traffic to the shopping center
• Located in high-income area with average household income exceeding $200,000
• Expansion of successful partnership following positive results at WSR's Eldorado Plaza location
• Tenant expected to boost sales and increase customer visits for surrounding businesses

Negative

• Property income impact won't be realized until second half of 2025

World’s fastest-growing indoor pickleball operator supports the market’s active and health-conscious lifestyle while also complementing Terravita’s diversified tenant mix

Location to feature eight, premium indoor courts and offer an unparalleled experience for the area’s high number of pickleballers

HOUSTON, March 12, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, today announced that it has signed a lease with The Picklr, the world’s fastest-growing operator of indoor pickleball facilities, to open a 20,909-square-foot location at Terravita Marketplace in Scottsdale, Arizona. The strategic addition of The Picklr Cave Creek supports the active and health-conscious lifestyle of the communities the center serves – North Scottsdale, Carefree and Cave Creek – and provides the high number of pickleballers in the area with a state-of-the-art, professional-grade facility to compete, train, and socialize.

Founded in 2021 by Austin Wood and Jorge Barragan, who grew frustrated by the lack of pickleball facilities available and long wait times associated with securing a court, The Picklr has already become the fastest-growing indoor pickleball franchise in North America, with more than 500 locations. All of The Picklr venues feature top-of-the-line courts and lighting to provide the optimal player experience. In 2024, former NFL quarterback Drew Brees was named Brand Ambassador, along with being an investor, as well as Owner/Area Developer of 30 Picklr franchises.

“We pride ourselves on adding value for our shareholders and the neighborhoods we serve by being very strategic and disciplined in our approach to leasing, and The Picklr Cave Creek exhibits many of the characteristics we look for in the tenants we choose to partner with,” stated Dave Holeman, CEO of Whitestone REIT. “For one, The Picklr is a major all-day traffic driver that is well-regarded for being best-in-class and fostering community engagement. Second, as we have seen from our partnership with The Picklr McKinney at Eldorado Plaza in Dallas, it is a catalyst for contributing to the growth of the surrounding tenants by boosting their sales and increasing the frequency of customer visits. This is a highly respected operation and we are pleased to expand our relationship with them.”

The Picklr Cave Creek will be located next to Ace Hardware and is expected to open to the public in the second half of 2025. The eight-court facility will host league competitions, tournaments, clinics, private lessons, court reservations, rated open-play and charity events, offering pickleballers a dynamic, climate-controlled environment to hone their skillsets without having to battle the dryness and heat associated with Arizona summers. The convenient location of Terravita, surrounded by the neighborhoods of Whispering Rock Estates, Desert Mountain and the Boulders Community, enables pickleballers to play on their preferred schedules, be it early in the morning, during their lunch breaks or after the sun sets.

“Greater Phoenix is made up of active-minded families and individuals who prioritize their own health and well-being, and pickleball has exploded in popularity as a result,” commented Christine Mastandrea, COO of Whitestone. “As such, the limited number of courts currently available simply do not come close to satisfying the needs of the community. By bringing in The Picklr Cave Creek, we are helping to solve some of these supply constraints while also supporting the preferred lifestyle of the market.”   

Situated with a 15-minute drive from TSMC’s semiconductor fabrication facility and historic downtown Cave Creek, Terravita offers a diverse range of amenities and services to meet the needs of its discerning clientele. The center is surrounded by the prestigious gated golf course residential community of Terravita, and average household income within a 15-minute drive of the property is in excess of $200,000. Among Terravita’s flagship tenants include First Watch, Liberty Station, Wells Fargo and Ace Hardware.

Matt Okmin and Jason Bowles of Whitestone represented the company in the lease process.

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.

Forward-Looking Statements

This Report contains forward-looking statements within the meaning of the federal securities laws, including discussion and analysis of our financial condition, pending acquisitions and the impact of such acquisitions on our financial condition and results of operations, anticipated capital expenditures required to complete projects, amounts of anticipated cash distributions to our shareholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on its knowledge and understanding of our business and industry. Forward-looking statements are typically identified by the use of terms such as “may,” “will,” “should,” “potential,” “predicts,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” or the negative of such terms and variations of these words and similar expressions, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

Factors that could cause actual results to differ materially from any forward-looking statements made in this Report include: the imposition of federal income taxes if we fail to qualify as a real estate investment trust (“REIT”) in any taxable year or forego an opportunity to ensure REIT status; uncertainties related to the national economy, the real estate industry in general and in our specific markets; legislative or regulatory changes, including changes to laws governing REITs; adverse economic or real estate developments or conditions in Texas or Arizona, Houston and Phoenix in particular, including the potential impact of COVID-19 on our tenants’ ability to pay their rent, which could result in bad debt allowances or straight-line rent reserve adjustments; inflation and increases in interest rates, operating costs or general and administrative expenses; availability and terms of capital and financing, both to fund our operations and to refinance our indebtedness as it matures; decreases in rental rates or increases in vacancy rates; litigation risks; lease-up risks, including leasing risks arising from exclusivity and consent provisions in leases with significant tenants; our inability to renew tenant leases or obtain new tenant leases upon the expiration of existing leases; our inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; the need to fund tenant improvements or other capital expenditures out of operating cash flow; and the risk that we are unable to raise capital for working capital, acquisitions or other uses on attractive terms or at all and other factors detailed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents the Company files with the Securities and Exchange Commission from time to time.

Contacts:

For Whitestone REIT – Investors
David Mordy
(713) 435-2219
ir@whitestonereit.com

For Whitestone REIT – Media:
Matthew Chudoba
WhitestonePR@icrinc.com

FAQ

When will The Picklr Cave Creek location at WSR's Terravita Marketplace open?

The facility is expected to open to the public in the second half of 2025.

How many pickleball courts will the new WSR Terravita Marketplace location feature?

The facility will feature eight premium indoor courts in a climate-controlled environment.

What is the size of The Picklr's new location at WSR's Terravita Marketplace?

The new location will occupy 20,909 square feet at Terravita Marketplace in Scottsdale, Arizona.

What amenities and services will The Picklr Cave Creek offer at WSR's property?

The facility will offer league competitions, tournaments, clinics, private lessons, court reservations, rated open-play, and charity events.