HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-AMEX: WSR – “Whitestone”), a fully
integrated real estate company that owns, operates and re-develops
Community Centered PropertiesTM, which are visibly located
properties in established or developing culturally diverse
neighborhoods, announced today that it has purchased Terravita
Marketplace in an all-cash transaction for $16.1 million, or $157 per
leasable square foot. The fully leased Center, which contains 102,733
leasable square feet, inclusive of 51,434 square feet leased to two
tenants under ground leases, is located in North Scottsdale, Arizona and
represents Whitestone’s fifth acquisition in the Phoenix area since
September 2010. Terravita Marketplace is anchored by Albertsons’ 47,000
square foot ground leased grocery store along with other well recognized
tenants including Walgreens, The Good Egg Restaurant, Bedmart and Wells
Fargo on a ground leased pad. The tenant mix is complemented by a number
of small space tenants who provide needed services to the local
community. The Center was purchased below replacement cost and has
strong in-place cash flow.
Terravita Marketplace 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.
“Terravita Marketplace fits our Community Centered Property business
model. The Center, surrounded by residential rooftops, sits in a
high-profile, major traffic artery location at Scottsdale Road and
Carefree Highway,” said James C. Mastandarea, Chairman and Chief
Executive Officer. “The Center serves North Scottsdale, one of the
wealthiest zip codes in the Phoenix metro area and also draws from the
Carefree and Cave Creek submarkets. The Center has more nationally known
tenants than some of our other Centers, and the easy access design and
service type tenants of Terravita Marketplace offer several local
gathering places where neighbors meet, run errands and shop. We now own
and internally manage six Community Centered Properties in the greater
Phoenix area, over 380,000 square feet of leasable space, with an
experienced and dedicated team of Phoenix-based leasing and property
management professionals.”
About Whitestone REIT
Whitestone REIT (NYSE-AMEX: WSR) is a fully integrated real estate
company that owns, operates and re-develops Community Centered PropertiesTM,
which are visibly located properties in established or developing
culturally diverse neighborhoods. Whitestone focuses on value-creation
in its Centers, as it markets, leases and manages its Centers to match
tenants with the shared needs of surrounding neighborhoods. Operations
are structured for providing cost-effective service to local
service-oriented smaller space tenants (less than 3,000 square feet).
Whitestone has a diversified tenant base concentrated on service
offerings including medical, educational, and casual dining. The largest
of its approximately 800 tenants comprises less than 2% of its rental
revenues. Headquartered in Houston, Texas and founded in 1998, the
Company is internally managed with a portfolio of commercial properties
in Texas, Arizona, and Illinois. For additional information about the
Company, please visit www.whitestonereit.com.
The Investor Relations section of the Company's website has links to SEC
filings, news releases, financial reports and investor newsletters. Whitestone
REIT Acquisitions: Interested parties should contact
Bradford Johnson, Whitestone REIT Director of Acquisitions, via email: bjohnson@whitestonereit.com
or phone: (713) 435 2208.
Forward-Looking Statements
Statements included herein that state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future
are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature, involve
known and unknown risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed
or implied by these statements. Such statements speak only as of the
time they are made, and the Company undertakes no obligation to update
any such statement now or in the future. Reference is made to the
Company's regulatory filings with the Securities and Exchange Commission
for information or factors that may impact the Company's performance.
*Source: Sites USAJuly 2011, 2010 Estimate
Source: Whitestone REIT
Contact:
Whitestone REIT
Anne Gregory, 713-435-2221
Vice President
Marketing & Investor Relations
ir@whitestonereit.com