Whitestone REIT has announced that its “helpful hardware folks” tenant, Paul’s Ace Hardware, renewed its lease for 10 years and is expanding its square footage at Whitestone’s Fountain Hills Plaza property.
Paul’s Ace Hardware is expanding its store by approximately 4,000 square feet – from 26,287 square feet to 30,646 square feet – transforming it into one of the largest Ace stores in the Phoenix Metro Area.
According to a press release, the renewal and expansion “supports the quality of cash flows to Whitestone’s shareholders and helps guarantee the long-term security of the property. Paul’s Ace Hardware is joined by Fountain Hills Plaza’s curated mix of other tenants, including AutoZone, Bashas’ grocery store, Great Clips, H&R Block and Verizon Wireless, who provide essential goods and services to the local community.”
Whitestone Chairman and CEO Jim Mastandrea said Fountain Hills Plaza continues to be an essential staple destination for the surrounding community.
Paul’s Ace Hardware was founded by Paul Dauwalder in 1956. It has been in Fountain Hills since 1973 and has relocated and expanded over the years to serve the growing community. Today, Julie Buchowski (Paul’s granddaughter) is acting President of the company and oversees the operations of the company’s eight stores in Arizona, seven of which are in the Phoenix Metro Area.