Core Viewpoint - Whitestone REIT has announced the acquisition of the San Clemente shopping center in Austin, Texas, which is strategically located near major technology campuses and complements its existing retail presence in the area [1][2]. Acquisition Details - The San Clemente shopping center spans 31,832 square feet and is anchored by a restaurant, enhancing Whitestone's portfolio in Austin, which now includes five neighborhood shopping centers [1]. - The acquisition is positioned to leverage the strong market dynamics and existing retailer relationships to drive long-term growth [2]. Market Dynamics - San Clemente is located in an affluent submarket with an average home value of nearly $1.5 million and an average household income exceeding $280,000 [5]. - The area has seen no new retail development in the last seven years due to strict development restrictions, despite having less than 40% of Austin's average square retail feet per person [5]. - The center benefits from high traffic, with over 55,000 vehicles per day, and will gain from the completion of the Loop 360 project [5]. Community and Tenant Mix - The shopping center serves upscale neighborhoods such as Davenport Ranch, Westlake, Rob Roy, and Barton Creek, which are characterized by a robust job market and upwardly mobile families [6]. - The tenant mix includes local favorites like Fresa's, Iron Fitness, and Greenlake Energy, which align with Whitestone's community-focused strategy [8]. Strategic Growth - Whitestone's acquisition strategy is complemented by strong organic growth, as evidenced by its recent first-quarter earnings report [8].