Whitestone REIT WSR recently announced the signing of a lease with The Picklr to open a new indoor pickleball facility, The Picklr Cave Creek, at Terravita Marketplace in Scottsdale, AZ. The 20,909-square-foot facility is expected to open in the second half of 2025.

The strategic addition of The Picklr Cave Creek enhances the active and health-oriented lifestyle of the communities it serves, including North Scottsdale, Carefree and Cave Creek. The facility offers a large number of pickleball players in the area with a state-of-the-art, professional-grade environment to compete, train and socialize.

The Picklr Cave Creek is set to be located next to Ace Hardware. The facility, featuring eight premium indoor courts, will provide a dynamic, climate-controlled environment, allowing pickleball players to develop their skills without facing the dryness and heat associated with Arizona summers. The facility’s strategic location at Terravita, surrounded by the neighborhoods of Whispering Rock Estates, Desert Mountain and the Boulders Community, provides players with the flexibility to schedule their games.

The Picklr, founded in 2021, has emerged to become North America’s fastest-growing indoor pickleball franchise with more than 500 locations. Each of The Picklr’s locations is equipped with top-of-the-line courts and lighting, ensuring an exceptional experience for players.

Terravita is conveniently located within a 15-minute drive from TSMC’s semiconductor fabrication facility and the historic downtown Cave Creek, offering a variety of amenities and services designed to cater to the needs of its discerning clientele.

Per Dave Holeman, CEO of Whitestone REIT, “For one, The Picklr is a major all-day traffic driver that is well-regarded for being best-in-class and fostering community engagement. Second, as we have seen from our partnership with The Picklr McKinney at Eldorado Plaza in Dallas, it is a catalyst for contributing to the growth of the surrounding tenants by boosting their sales and increasing the frequency of customer visits. This is a highly respected operation, and we are pleased to expand our relationship with them.”

Shares of this Zacks Rank #3 (Hold) company have gained 8.3% over the past six months against the industry’s decline of 9.1%.

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Stocks to Consider

Some better-ranked stocks from the broader REIT sector are Welltower WELL and SL Green Realty SLG, each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Welltower’s 2025 FFO per share is pegged at $4.89, which indicates year-over-year growth of 13.2%.

The Zacks Consensus Estimate for SL Green’s full-year FFO per share is $5.48, which indicates an increase of 9% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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