Recent Transactions
Contact
Bradford Johnson
Director of Acquisitions and Dispositions
Phone: 713.435.2208
Email: bjohnson@whitestonereit.com
Shops at Starwood
Frisco, TX
December 28, 2011: Whitestone REIT (NYSE-AMEX:WSR) acquired Shops at Starwood for $15.7 million, as well as an adjacent 2.73 acre parcel of undeveloped land for $1.9 million in a separate transaction. The 98% leased Center is located in Frisco, Texas, a northern suburb of Dallas, at the corner of the North Dallas Tollway and Lebanon Road. The Center features richly designed Mediterranean style architecture with pedestrian plazas, water fixtures, and ornamental landscaping. A complementary tenant mix of restaurants, fashion boutiques, salons and second-level office space serves the surrounding affluent community. Notable restaurant tenants include TruFire Kitchen & Bar, Kotta Sushi Lounge, Bonnie Ruth’s Café Trottior et Patisserie, all of whom have been recognized by D Magazine as “Best” in their respective categories. The Gent’s Place has been recognized as “America’s Best Barbershop” by Men’s Health.
Purchase Price: $15.7 million for Shops at Starwood, $1.9 million for adjacent land
The Pinnacle of Scottsdale – Phase II
Scottsdale, AZ
December 27, 2011: Whitestone REIT (NYSE-AMEX:WSR) acquired Phase II development property adjacent to The Pinnacle of Scottsdale for $950,000. The week prior to the Phase II purchase, Whitestone REIT acquired The Pinnacle of Scottsdale, a 113,108 square foot Class A Community Center providing retail goods and services to the surrounding community that includes the most affluent zip code in Arizona and some of the most exclusive neighborhoods in Phoenix. The adjacent Phase II development site is a 4.45 acre expansion parcel of commercially zoned land with approximately 400 linear feet of frontage on Scottsdale Road and an existing two-story parking garage. Whitestone intends to construct an additional 55,000 square feet of lease space including retail, office, and a fitness center.
Purchase Price: $950,000
The Pinnacle of Scottsdale – Phase I
Scottsdale, AZ
December 22, 2011: Whitestone REIT (NYSE-AMEX:WSR) acquired The Pinnacle of Scottsdale, the Company’s seventh acquisition since September 2010. The 100% leased 113,108 square foot Class A Community Center serves retail goods and services to the surrounding community which includes the most affluent zip code in Arizona and some of the most exclusive neighborhoods in Phoenix. The Pinnacle of Scottsdale, strategically located at the high visibility intersection of North Scottsdale Road and Pinnacle Peak Road, features classic Spanish Colonial architecture and landscaped pedestrian-friendly walkways. The retail mix includes Safeway®, Ace Hardware®, Starbucks®, and Hornacek’s House of Golf in addition to several small space restaurants and service oriented tenants.
Purchase Price: $29 million
Ahwatukee Plaza
Phoenix, AZ
August 16, 2011: Whitestone REIT announced that it closed on the purchase of Ahwatukee Plaza Shopping Center. The 72,650 square foot Community Center is located in the affluent high density Ahwatukee Foothills neighborhood in south Phoenix and represents Whitestone’s sixth acquisition in the Phoenix area since September 2010. The Center is anchored by Gold’s Gym along with other notable tenants including Ahwatukee Children’s Theater, Millie’s Hallmark, O’Reilly Auto Parts (NASDAQ: ORLY) and a variety of other convenience service providers.
Purchase Price: $9.27 million.
Terravita Marketplace
Scottsdale, AZ
August 8, 2011: Whitestone REIT announced that it has purchased Terravita Marketplace, a 102,733 square foot community center located in Scottsdale, Arizona. The Center is anchored by Albertsons’ 47,000 SF grocery store along with other well recognized tenants including Walgreens, The Good Egg Restaurant, Bedmart and Wells Fargo. The Center is surrounded by the gated golf course residential community of Terravita, which was developed by DelWebb Corporation/Pulte, with homes in the $250,000 to $1 million range. Within a 1-mile radius, the trade area for Terravita Marketplace has an average household income of over $148,000. Additionally, the Center provides retail goods and services to the North Scottsdale and Carefree trade area that includes several other affluent communities such as Whispering Rock Estates, Desert Mountain and the Boulders Community.
Purchase Price: $16.1 million or $157 per leasable square foot - significantly below replacement cost.
Gilbert Tuscany Village
Gilbert, AZ
June 28, 2011: Whitestone REIT announced the acquisition of Gilbert Tuscany Village, located in Gilbert, Arizona – one of Phoenix’s fastest growing Southeast Valley suburbs and rated among the nation’s “Top Places to Live & Learn.¹” Built in 2009 and featuring Old World Tuscan architecture and outdoor fountains, the Center is anchored by Rancho de Tia Rosa, an award-winning restaurant known for serving the “best Mexican food²” in Phoenix. Gilbert Tuscany Village is surrounded by densely populated, high-end residential developments and approximately one mile from Banner Gateway Medical Center, a 60-acre medical complex that is partnering with MD Anderson to add a new 120,000 square foot Cancer Outpatient Center (opening in September).
Purchase Price: $5 million, or $101.18 per leasable square foot - significantly below replacement cost.
Sources: ¹GreatSchools.org; ²Ranking Arizona – The Best of Arizona Business 2011 and Phoenix Magazine feature article 2008.
Desert Canyon
Scottsdale, AZ
April 18, 2011: Whitestone REIT announced the acquisition of Desert Canyon, the third off-market acquisition in the Phoenix area since September 2010. The Center, which contains 62,533 leasable square feet, inclusive of 12,960 square feet leased to two tenants under ground leases, was purchased out of foreclosure from a regional bank in an all cash transaction.
Purchase Price: $3.65 million, or $58 per leasable square foot - significantly below replacement cost
MarketPlace at Central
Phoenix, AZ
November 1, 2010: Whitestone REIT announced the acquisition of MarketPlace at Central (renamed from Sunnyslope Village), an 111,227 square foot Class B Community Center located in central Phoenix, Arizona.
Purchase Price: $6.4 million, or $58 per leasable square foot - significantly below replacement cost
The Citadel
Scottsdale, AZ
September 28, 2010: Whitestone REIT announced the acquisition of The Citadel, a Class A Community Center located in North Scottsdale, Arizona in an all-cash transaction with proceeds from our initial public offering ("IPO") that was completed on August 26th.
Purchase Price: $2.2 million, or $78 per square foot - siginificantly below replacement cost
Spoerlein Commons
Buffalo Grove, IL (Northwest suburban Chicago)
January 2009: The acquisition of Spoerlein Commons, a garden-style complex of medical specialty, small business and retail tenants, marked Whitestone’s entry into the Chicagoland market. Located in upscale Buffalo Grove and adjacent to prestigious Long Grove, the community is 30 miles northwest of downtown Chicago.