Whitestone Welcomes Gabriella’s American Cuisine, and the Migration of Successful CA Restaurateurs to Mercado at Scottsdale Ranch in AZ

Rhea-AI Summary

Whitestone REIT (NYSE: WSR) announced the opening of Gabriella’s American Cuisine in Scottsdale, Arizona, contributing to the region's thriving business ecosystem. Co-owners Anthony and Anna Barr, successful caterers from San Francisco, are joining a rapidly growing community. Scottsdale boasts high migration growth, and the upscale Mercado at Scottsdale Ranch features a diverse retail mix, with household incomes averaging over $134,000. Whitestone emphasizes community connections through local tenants and has a strong capital structure for stability and growth, consistently paying dividends for over 15 years.

Positive

• Opening of Gabriella's American Cuisine enhances tenant mix.
• Scottsdale's affluent market has high average household income ($134,000+).
• Whitestone has consistently paid dividends for over 15 years.
• Strong capital structure allows for stability and growth.

Negative

• None.

HOUSTON, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) is pleased to welcome Gabriella’s American Cuisine to Arizona.

With the successful opening in Mercado at Scottsdale Ranch, co-owners Anthony and Anna Barr completed a successful move from San Francisco to join other thriving entrepreneurs in the business-friendly market of Scottsdale, AZ. Prior to their move to Scottsdale, the couple had been operating two of San Francisco Bay Area’s largest and most successful corporate catering and event planning companies, Fork & Spoon Productions and Above & Beyond Catering.

According to a January 2021 study by U-Haul, the state of Arizona ranked in the top 5 states with the highest migration growth. According to the US Census Bureau, Maricopa County, where Scottsdale is located, has consistently been one of the fastest growing counties in the country over the past five years, taking the top spot for three consecutive years from 2017 to 2019.

Mercado at Scottsdale Ranch is an upscale, 118,000 square foot property offering an abundance of service, retail and dining options, located in an affluent neighborhood with a 1-mile radius average household income north of $134,000 and an average home value of over $567,700.

The property is an 18-hour, neighborhood go-to destination with high foot-traffic tenants that include essential pharmacy anchor Walgreens and Planet Fitness Gym. Other dining options available on-site are Eggstacy, Goldie’s, and Voila.

Chairman and CEO Jim Mastandrea commented, “We are pleased to welcome Gabriella’s American Cuisine into the Whitestone family. Adding proven and successful restauranteurs like Anthony and Anna is what our business model is all about, serving our communities by providing the ‘American Dream’ opportunities to entrepreneurs in business-friendly, high growth markets.”

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 Gabriella's American Cuisine opening for WSR?

The opening enhances the tenant mix of Whitestone REIT, potentially increasing foot traffic and revenue.

How does the Scottsdale market impact Whitestone REIT (WSR)?

Scottsdale's high household income and migration growth present opportunities for increased demand for retail spaces.

What is Whitestone REIT's track record on dividends?

Whitestone REIT has consistently paid dividends for over 15 years, providing income stability for investors.

What is the size and appeal of Mercado at Scottsdale Ranch?

Mercado at Scottsdale Ranch is a 118,000 square foot property with high-end service and retail options, located in an affluent neighborhood.

Who are the owners of Gabriella's American Cuisine?

Gabriella's American Cuisine is co-owned by successful caterers Anthony and Anna Barr, previously operating in San Francisco.