Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) announced that The Picklr has opened at Eldorado Plaza in McKinney, Texas. The Picklr represents a strong upgrade in terms of tenant quality at the Trader Joe’s-anchored center. In addition to increasing Eldorado’s foot traffic, The Picklr helps the center better meet the needs of the surrounding community with a best in-class operator capitalizing on a sport designed to draw together people of all ages.
“We are thrilled to welcome The Picklr to Eldorado Plaza and capitalize on the strong wave of interest in pickleball,” said Whitestone REIT COO, Christine Mastandrea in a statement. “When looking to fill the former Bed, Bath and Beyond space, we wanted to partner with an exciting brand that is benefiting from the health and fitness trend and draws traffic to the center, and that’s exactly what The Picklr will do. No sport brings people together quite like Pickleball.” Anchored by Trader Joe’s, Starbucks, Hollywood Feed and Christina’s Mexican Restaurant, The Picklr adds a key category, athletics, to the current lineup of businesses.
The Picklr has announced that 38 new clubs will open across the U.S., with 52 additional leases in final negotiations for openings in 2024 and 2025. In February 2024, Drew Brees, was named Brand Ambassador, along with being an investor, as well as Owner/Area Developer of 20 Picklr franchises. The Picklr has announced a strategic partnership with Pickleball Inc., aligning two of the largest brands in pickleball and set to drive franchise growth and new memberships at Picklr locations.
Whitestone purchased Eldorado Plaza in 2017, which benefits from an average 3-mile household income of $140,000. In 2023, Whitestone recaptured the remaining Bed Bath and Beyond lease during their bankruptcy process, keen on advancing Whitestone’s Quality of Revenue initiative by selecting a high-demand franchise to occupy the space. The change not only benefits Whitestone’s current revenue from the space, but is anticipated to accelerate Eldorado’s growth in upcoming years.
“McKinney is experiencing explosive growth,” Mastandrea continued. “Surrounded by Frisco, Allen and Plano, the entire area continues to benefit from being a very business friendly environment and is steadily attracting companies and young families.”
