Vice President, Acquisitions & Asset Management
The Shops at Pecos Ranch
December 27, 2012 - Whitestone REIT (NYSE: WSR) acquired The Shops at Pecos Ranch, a 78,767 square foot 100% leased Community Center located Chandler, a suburb in the growing Southeast Valley of Phoenix, Arizona, at the intersection of Dobson and Germann Roads. The densely populated trade area serves the surrounding Pecos Ranch and Vineyards neighborhoods, and is less than a mile from Intel Corporation's new 682-acre corporate campus with approx. 11,000 employees, as well as the developing office submarket surrounding the coming Intel semiconductor manufacturing plant projected for completion in 2013. The Community Center setting includes four outdoor patio dining settings with a variety of popular casual dining venues ranging from Italian, Chinese, to Mexican, as well as breakfast, pizza and sandwich offerings. Other small space tenants include a mix of education, medical/health care and convenience service providers such as a day care, chiropractors, dry cleaning , yoga and fitness studios, and tax preparation - Whitestone REIT's small space tenant mix formula for the Company's Community Centered Property business model.
Purchase Price: $19 million.
September 24, 2012 - Whitestone REIT (NYSE: WSR) acquired Fountain Square, a 118,209 square foot Community Center located in one of the highest density retail locations in Phoenix, Arizona on Bell Road near 7th Street. The densely populated trade area serves the Moon Valley and Paradise Valley neighborhoods in northern Phoenix, which has contributed to the stable tenancy at Fountain Square. The 12 acre property has an inviting Southwestern Spanish style architecture and design with second floor office space currently occupied by various service tenants: a dentist, music school, and optometrist. The Community Center setting is evident on the premises, with several shaded outdoor people-friendly gathering spots and outdoor dining settings surrounding fountains. Construction is currently underway to build out a 20,000 square foot space to launch Planet Fitness as a new tenant in the Fall 2012. Other tenants include salons, several restaurants, medical and educational tenants - Whitestone REIT's standard small space tenant mix formula for the Company's Community Centered Property model. The Center is shadow-anchored by Safeway Supermarket, McDonald's and Sleep America.
Purchase Price: $15.4 million, a significant discount to replacement cost.
Village Square at Dana Park
September 25, 2012 - Whitestone REIT (NYSE: WSR) acquired Village Square at Dana Park, a 310,979 square foot Community Center located in the Mesa submarket of Phoenix, plus six developed pads (total of 2.9 acres) and the adjacent 4.7 acre parcel of development land to add another 200,000 square feet of leasable space, for $50.5 million. Village Square at Dana Park is an upscale open air ³Lifestyle² Community Center with service retail, retail, restaurants, and office mixed-use tenants spanning a total 61 acres, prominently located in Phoenix¹s Southeast Valley along Val Vista Drive between the Superstition Highway (Highway 60) and Baseline Road. The contemporary Main Street setting features expansive palm tree lined, cobblestone paved pedestrian walkways, and eight courtyard fountains with shaded seating areas. The Center was recently named the ³Best Upscale Shopping Destination in Arizona² by officialbestof.com. The Center houses 50+ specialty boutique, dining and daily needs service tenants. The tenant mix is a balance of national and small space mom and pop retail and office services targeting the local neighborhood, while drawing traffic from adjacent communities with convenient on/off access from the adjacent freeway. Over 254,000 cars per day pass by the Center, which is highly visible, with additional signage opportunities on State Route Highway 60. Including the purchase of this Center, Whitestone now owns over one million square feet of lease space in the greater Phoenix area in twelve Community Centers.
Purchase Price: $50.5 million, significantly below replacement cost.
August 8, 2012 - Whitestone REIT (NYSE: WSR) acquired Paradise Plaza, a 125,898 square foot Community Center in Phoenix, Arizona. Paradise Plaza is well located in a high barrier to entry trade area serving the affluent neighborhoods of Paradise Valley, Phoenix and Scottsdale on Cactus Road near North Tatum Boulevard.Paradise Plaza is solidly positioned as a kid-friendly destination with 19 primarily small space service-based tenants that drive traffic into the center. A value-add transformation project at Paradise Plaza is nearing its completion, including final build-out for Paradise Pediatrics, an established physician practice and a major child care center. Construction includes a playground and other complementary neighborhood enhancements to create Whitestone's signature Community Gathering Spot within the common area to welcome and serve the local community.
Purchase Price: $16.3 million, a significant discount to replacement cost.
The Shops at Pinnacle Peak
North Scottsdale, AZ
May 29, 2012 - Whitestone REIT (NYSE: WSR) acquired The Shops at Pinnacle Peak, a 41,530 square foot Class A Community Center in North Scottsdale, located on the southeast corner of the intersection of Pinnacle Peak Road at Miller Road, with a traffic count of over 29,000 cars per day. A new luxury multi-family housing development is planned to be constructed on the land just west at Silverstone.The tenant mix at The Shops at Pinnacle Peak is typical of Whitestone¹s Driving Traffic/Driving ValueTM Community Center tenant combination, and includes several privately owned restaurants, medical/health care service providers, an educational provider, and a variety of other convenience service providers.
Purchase Price: $6.4 million, significantly below replacement cost.
Shops at Starwood
December 28, 2011 - Whitestone REIT (NYSE: WSR) acquired Shops at Starwood, as well as an adjacent 2.73 acre parcel of undeveloped land for in a separate transaction. The 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 the for adjacent land parcel.
The Pinnacle of Scottsdale – Phase II
December 27, 2011 - Whitestone REIT (NYSE: WSR) acquired Phase II development property adjacent to The Pinnacle of Scottsdale. 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, a significant discount.
The Pinnacle of Scottsdale – Phase I
December 22, 2011 - Whitestone REIT (NYSE: 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.
August 16, 2011 - Whitestone REIT (NYSE: WSR) acquired 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.
August 8, 2011 - Whitestone REIT (NYSE: WSR) aquired 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, significantly below replacement cost.
Gilbert Tuscany Village
June 28, 2011 - Whitestone REIT (NYSE: WSR) 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 the 60-acre Banner Gateway MD Anderson Medical Center.
Purchase Price: $5 million, significantly below replacement cost.
Sources: ¹GreatSchools.org; ²Ranking Arizona – The Best of Arizona Business 2011 and Phoenix Magazine feature article 2008.
April 18, 2011 - Whitestone REIT (NYSE: WSR) announced the acquisition of Desert Canyon shopping center, 62, 533sf Community Center in North Phoenix. The Center is strategically located within McDowell Mountain Ranch, a 3,200 acre master planned community situated in the third most affluent zip code in Phoenix.
Purchase Price: $3.65 million, significantly below replacement cost.
MarketPlace at Central
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. The Center is ideally located across the street from John C. Lincoln hospital and close to Sunnyslope High School.
Purchase Price: $6.4 million, significantly below replacement cost.
September 28, 2010 - Whitestone REIT (NYSE: WSR) announced the acquisition of The Citadel, a Class A Community Center located in North Scottsdale, Arizona in an all-cash transaction with proceeds from Whitestone's initial public offering, completed on August 26th. The Center sits at the intersection of Pinnacle Peak and Pima Road, within 2 miles of exclusive Scottsdale communities including DC Ranch, Troon and Estancia. the exceptional finishes include water features and outdoor fireplace terraces.
Purchase Price: $2.2 million, significantly below replacement cost.
Buffalo Grove, IL (Northwest suburban Chicago)
January 21, 2009: Whitestone REIT acquired Spoerlein Commons, a garden-style complex of medical specialty, small business and retail tenants, and launched Whitestone’s entry into the Chicagoland market. The Center is located in the upscale north of Chicago suburb of Buffalo Grove and adjacent to prestigious Long Grove. Spoerlein Commons represents the Community Centered Property model including its tenant mix that provides needed services and goods to the local neighborhood. Tenants are a balance of education, medical, casual dining and personal services.