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