Whitestown REIT Acquires $20.5 Million Fountain Hills Plaza
Real estate company Whitestone REIT has completed the purchase of neighborhood retail center Fountain Hills Plaza for $20.5 million.
The plaza is located in Fountain Hills, Ariz., and includes both a grocery and hardware store. With its purchase, Whitestone now owns 1.6 million square feet in the greater Phoenix area. Whitestone's gross leasable area consists of 20 community centers along with four stretches of land that are available for future development.
James Mastandrea, Whitestone's chairman and CEO, spoke enthusiastically of the new acquisition in a press release. "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... Our purchase of Fountain Hills Plaza embodies Whitestone's acquisition strategy of purchasing off-market properties with significant value-add potential."
Whitestone's stock has dropped from $14.05 per share to $13.46 since the beginning of 2013, a 4% decline. The REIT has boosted its annual revenue by 51% since 2008, to $47 million.
The article Whitestown REIT Acquires $20.5 Million Fountain Hills Plaza originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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