HOUSTON, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) announced today that Safeway has exercised its option to extend the lease term on two existing leases in Whitestone’s Phoenix market. The two leases aggregate to 102,521 square feet, or approximately 2.1% of Whitestone’s gross leasable area.
Jim Mastandrea, Chairman and CEO of Whitestone REIT commented, “We are pleased to announce these term extensions but were not surprised given the high household income markets we have strategically chosen to be in. The significant repeat foot traffic that our centers draw entice businesses to want to be a part of our centers and underscore the importance they play in our neighborhoods during these trying times. Having essential businesses like a well-respected grocer such as Safeway recognize the value of our high-quality properties and want to be a part of the communities we support proves our resiliency.” Mr. Mastandrea concluded, “Whitestone’s well-located, e-commerce resistant properties have performed exceptionally well and have been pillars of our communities throughout this pandemic. We are proud of the support our centers and team have been providing all of our stakeholders, and are pleased Safeway wants to continue to be a part of that service too.”
The first lease extension is for the recently renovated Safeway location anchoring Whitestone’s Pinnacle of Scottsdale property, which is strategically located in the heart of North Scottsdale's high income neighborhoods of Greyhawk, Desert Highlands, Estancia and Troon Village. Pinnacle of Scottsdale, which has a 3-mile Average Household Income of $133,889 and a 3-mile Average Home Value of $707,949, plays an integral part of these communities as the go-to destination, and Safeway has been a key essential anchor to the neighborhood, supporting it throughout this pandemic.
The second lease extension is for the Safeway anchoring Whitestone’s Anthem Marketplace, located in the Anthem submarket. This neighborhood center is one of two prominent shopping centers in the Anthem area, and is conveniently located near Anthem Community Park, Elementary School, and Community Center. This high traffic property offers a variety of dining, retail, and service tenants, as well as other essential services including medical and daycare providers.
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 .
Safeway is owned by Albertsons Companies, which is a leading food and drug retailer in the United States. As of June 20, 2020, the Company operated 2,252 retail food and drug stores with 1,726 pharmacies, 402 associated fuel centers, 22 dedicated distribution centers and 20 manufacturing facilities. The Company operates stores across 34 states and the District of Columbia under 20 well-known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood.
Kevin Reed, Director of Investor Relations
Source: Whitestone REIT