High-volume asset gives Company a foothold in one of the strongest performing retail corridors in the trade area
Acquisition positions Whitestone to benefit from upcoming development, driven by strong neighborhood dynamics
Whitestone REIT (NYSE: WSR), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, today announced it has acquired 5000 South Hulen, a 86,907 square-foot shopping center located in Fort Worth, Texas. 5000 South Hulen is situated within one of Fort Worth’s strongest performing retail corridors and is just minutes from Interstate 20 and two of the most affluent neighborhoods in the entire trade area—Chisholm Trail Parkway and Mira Vista. The acquisition of the high-volume 5000 South Hulen marks Whitestone’s 29th asset in Texas—and 10th in the Dallas-Fort Worth metroplex—solidifying its strong position in one of the fastest-growing states in the country.
“The addition of 5000 South Hulen aligns strategically with our investment thesis, allowing us to add scale in a thriving and fundamentally strong region of Texas, a state we know well,” stated Christine Mastandrea, President and COO of Whitestone REIT. “We will leverage our deep relationships and market knowledge to unlock the full potential of the asset and look to remerchandise where possible to ensure the center is adequately serving the long-term needs of the community.”
Located adjacent to Hulen Mall, the highest-visited mall within a 30-mile radius, 5000 South Hulen sits between two heavily-traveled thoroughfares in I-20 and Hulen Street, which collectively attract more than 182,000 vehicles per day. More than 300,000 residents reside within a 5-mile radius of the center, with an average household income of $113,520, resulting in nearly $14 billion in spending power. 5000 South Hulen is home to a synergistic mix of thriving national and regional businesses, including Sephora, Old Navy, Barnes & Noble, Potbelly, Sports Clips, Kincaid’s Hamburgers and Jamba Juice.
“We are pleased to add 5000 South Hulen to our Dallas/Ft. Worth portfolio, which will allow us to leverage our in-place leasing and property management teams and apply our operational expertise at the asset level to drive further corporate level earnings growth and value for our shareholders.” said Dave Holeman, CEO of Whitestone REIT.
