Whitestone REIT (WSR) Cloes Phase I of Pinnacle of Scottsdale Acquisition
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Whitestone REIT (NYSE: WSR) announced today that it has closed on the purchase of Phase I of Pinnacle of Scottsdale, a 113,108 square foot 100% leased Class A Community Center in North Scottsdale, for $29 million. Phase I is adjacent to 4.45 acres of developed land with approximately 400 linear feet of frontage on Scottsdale Road and the potential for additional retail development.
Whitestone REIT (NYSE-AMEX: WSR) Acquired The Pinnacle of Scottsdale for $29 Million - The 100% Leased Center is The Company's Seventh Acquisition since September 2010. The 113,108 square foot Class A Community Center serves 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 100% leased Center, 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(R), Ace Hardware(R), Starbucks(R), and Hornacek's House of Golf in addition to several small space restaurants and service oriented tenants. (Photo: Business Wire)
Whitestone now owns Community Centers at the significant “four corners” of the North Scottsdale trade area, including Terravita (north west), Pima Norte (north east), The Citadel (south east), and Pinnacle of Scottsdale (south west), in addition to Desert Canyon, also in North Scottsdale in the McDowell Mountain area. All purchases were originated on an off-market basis, priced at a discount to replacement cost, and have a “value-add” component. Each of these Community Centers are located at high traffic intersections in stabilized neighborhoods, and provide essential services to support local communities including Terravita, McDowell Mountain Ranch, Grayhawk, DC Ranch, Silverleaf, Estancia, Desert Highlands, and Troon North Villages.
Whitestone REIT (NYSE-AMEX: WSR) Acquired The Pinnacle of Scottsdale for $29 Million - The 100% Leased Center is The Company's Seventh Acquisition since September 2010. The 113,108 square foot Class A Community Center serves 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 100% leased Center, 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(R), Ace Hardware(R), Starbucks(R), and Hornacek's House of Golf in addition to several small space restaurants and service oriented tenants. (Photo: Business Wire)
Whitestone now owns Community Centers at the significant “four corners” of the North Scottsdale trade area, including Terravita (north west), Pima Norte (north east), The Citadel (south east), and Pinnacle of Scottsdale (south west), in addition to Desert Canyon, also in North Scottsdale in the McDowell Mountain area. All purchases were originated on an off-market basis, priced at a discount to replacement cost, and have a “value-add” component. Each of these Community Centers are located at high traffic intersections in stabilized neighborhoods, and provide essential services to support local communities including Terravita, McDowell Mountain Ranch, Grayhawk, DC Ranch, Silverleaf, Estancia, Desert Highlands, and Troon North Villages.
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