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Whitestone REIT acquires Fountain Hills Plaza

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October 8
2:26 AM 2013

Whitestone Real Estate Investment Trust is a fully integrated real estate company. Whitestone owns, redevelops and operates Community Centered Properties. The REIT had announced today its completed acquisition of Fountain Hills Plaza. The latter is a Class A neighborhood retail center located in Fountain Hills, Arizona. The transaction was paid in cash and was valued USD20.5 million.

Fountain Hills Plaza is currently 87% occupied and was purchased with in-place cash flow of around 8% of the purchase price.

Whitestone's Chairman and CEO James C. Mastandrea said,  "Fountain Hills Plaza is a well-located Class A Community Center that has a proven draw of national brand name tenants who pull additional customer traffic to the existing tenancy. The purchase is a value-add opportunity and includes the adjacent approximate one acre development-ready pad site that can accommodate an additional 7,000 square feet of multi-tenant retail space. The center and adjacent land parcel were purchased at a combined price of $185 per built leasable square foot, which is considerably below replacement cost. Our purchase of Fountain Hills Plaza embodies Whitestone's acquisition strategy of purchasing off-market properties with significant value-add potential."

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