Whitestone acquires its 10th Dallas-Fort Worth center
Whitestone REIT continues to extend the size of its portfolio in Dallas-Fort Worth.
The Houston-based company has purchased 5000 South Hulen, a 86,907-sq.-ft. open-air center that sits within one of Fort Worth’s strongest performing retail corridors. Just minutes from Interstate 20, it serves two of the most affluent neighborhoods in the entire trade area — Chisholm Trail Parkway and Mira Vista.
The property is Whitestone’s 29th in Texas and 10th in the Dallas-Fort Worth metro.
“This acquisition allows us to add scale in a thriving and fundamentally strong region of Texas, a state we know well,” said Whitestone president and COO Christine Mastandrea. “We will look to remerchandise where possible to ensure the center is adequately serving the long-term needs of the community.”
Current tenants include Sephora, Old Navy, Barnes & Noble, Potbelly, Sports Clips, Kincaid’s Hamburgers, and Jamba Juice.
Adjacent to Brookfield’s million-sq.-ft. Hulen Mall, 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. An average household income of $113,520 in the area adds up to nearly $14 billion in spending power, according to Whitestone.
The DFW metroplex is one of the fastest-growing regions in the United States. It has added 1.2 million residents since 2010, a 20% increase, and is now the nation’s fourth-largest metropolitan county.
“We are pleased to add 5000 South Hulen to our Dallas-Fort Worth portfolio,” said Whitestone CEO Dave Holman, “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.”
Whitestone’s operating philosophy is to create and nurture strong community connections and tenant relationships. It aims to merchandise centers with a mix of service-oriented tenants in categories such as food and beverage, health and fitness, education, and entertainment.
