Whitestone REIT acquires Fountain Hills Plaza

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."

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics