Acquires Ahwatukee Plaza Shopping Center
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 closed on the purchase of
Ahwatukee Plaza Shopping Center for $9.27 million. 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,
which is 100% leased and 98% occupied, 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.
“We are pleased to add Ahwatukee Plaza to our portfolio of Community
Centered Properties as we expand our presence in the Phoenix region,”
said James C. Mastandrea, Whitestone’s Chairman and Chief Executive
Officer. “We continue to grow through the relationships we have long
established in this key growth market, and we will maintain our focus on
locating value-add, cash-flowing, and off-market opportunities similar
in size—50,000 to 200,000 square feet—to further enhance our presence in
the coming quarters.”
Whitestone continues to seek Community Center acquisition opportunities
in the Phoenix metro area, and also work with sellers who may benefit
from a tax efficient transaction in which operating partnership units
are exchanged for a property.
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, education, and casual dining. The largest
of its over 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.
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. 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: Whitestone REIT
Contact:
Whitestone REIT
Anne Gregory, 713-435-2221
Vice President
Marketing & Investor Relations
ir@whitestonereit.com