(RTTNews) - Whitestone REIT (WSR) has acquired 5000 South Hulen, an 86,907-square-foot open-air shopping center in Fort Worth, Texas, marking its 29th property in the state and 10th in the Dallas-Fort Worth metroplex.
Strategically located near I-20 and affluent neighborhoods like Chisholm Trail Parkway and Mira Vista, the center is positioned within a high-traffic retail corridor and adjacent to the region's busiest mall.
Whitestone plans to leverage local expertise and remerchandising strategies to optimize the asset's performance. The center currently features prominent tenants such as Sephora, Old Navy, Barnes & Noble, Potbelly, and Jamba Juice, and serves over 300,000 nearby residents with a combined spending power of nearly $14 billion.
President and COO Christine Mastandrea said the acquisition supports the company's strategic growth in Texas, while CEO Dave Holeman emphasized the opportunity to enhance earnings through operational efficiencies.
Tuesday, WSR ended the regular session at $12.32, up 0.65%, and rose further after hours to $12.50, gaining an additional 1.46% on the NYSE.
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