Whitestone Signs Over 9,800 Square Feet of Significant Leases, Increasing NOI by 31% at Las Colinas Village in Irving, TX
Signings Underscore the Recovery Strength of the DFW Market
HOUSTON, March 18, 2021 (GLOBE NEWSWIRE) -- Whitestone REIT is pleased to announce leasing signings at its Las Colinas Village property in the super-hot Dallas-Fort Worth market.
The signings increase property level occupancy by 9.4%, Dallas portfolio occupancy by 1.5%, and Dallas portfolio NOI by 5.4%.
As the recovery takes a stronger foothold in the broader economy, the Dallas-Fort Worth market has continued its pre-pandemic leadership place among high growth cities despite COVID. A recent Wall Street Journal article, “While Most U.S. Workers Stay Home, It’s Back to the Office for Many in Dallas” highlights the return-to-work rate for offices nationwide and “the Dallas-Fort Worth region has led the country since the start of the pandemic.”
This strength of the market is being witnessed at Whitestone’s properties as well. Las Colinas Village was purchased in December of 2019 -- a few months before the pandemic struck, due to its investment characteristics that fit Whitestone’s unique business model; its enviable location in a high-growth market; its close proximity to significant employers; and its significant value-add upside that include a pad site development opportunity, occupancy lease-up potential, and built-in rent escalators.
Las Colinas Village is near one of the largest corporate parks in the country, which hosts the corporate headquarters of Fortune 500 companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals, and Celanese. The area continues to see business expansion, highlighted by the October, 2019 expansion of Microsoft’s regional hub.
Whitestone Chairman and CEO Jim Mastandrea commented, “We are pleased to announce these signings at Las Colinas Village. We often say, ‘DRIVING TRAFFIC DRIVING VALUE,’ and when we purchased the property, we knew one of the value-add components to Las Colinas Village was crafting the right tenant mix and improving the quality of revenue for our shareholders. The additions of such locally well-known and respected tenants like CityVet and 9Round will be significant foot traffic drivers going forward now that people are get back into the surrounding offices again.”