Whitestone REIT Acquires Arcadia Towne Center
13 Junho 2023 - 8:15AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today
announced the acquisition of Arcadia Towne Center in Phoenix,
Arizona for $25.3 million. Arcadia is an affluent neighborhood
surrounded by Camelback, Scottsdale, Paradise Valley and Tempe. The
center expands Whitestone’s footprint into prime Phoenix submarkets
and is anchored by a top performing Safeway. The Safeway, with
sales placing it within the top 10% of Arizona Safeways, is not
part of the acquisition, but acts as a strong shadow anchor for the
center. This will allow Whitestone to focus on aligning the
non-anchor tenants to meet the needs of the surrounding community
with service-oriented businesses.
Whitestone anticipates funding this acquisition
with proceeds from its 2023 dispositions and expects its 2023
recycling efforts will be accretive to FFO per share, improve debt
leverage and add to long-term shareholder value. The nearly 70,000
square-foot center’s tenants include CVS, Tutor Time, Mathnasium,
Over Easy, Sole Sports and Pluff and Fluff Grooming. Center traffic
is driven not only by the surrounding neighborhood, with a 1-mile
average household income of $165,000, but by nearby Arcadia High
School, with approximately 1,500 students.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a
community-centered real estate investment trust (REIT) that
acquires, owns, operates, and develops open-air, retail centers
located in some of the fastest growing markets in the country:
Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Our centers are convenience focused:
merchandised with a mix of service-oriented tenants providing food
(restaurants and grocers), self-care (health and fitness), services
(financial and logistics), education and entertainment to the
surrounding communities. The Company believes its strong community
connections and deep tenant relationships are key to the success of
its current centers and its acquisition strategy. For additional
information, please visit the Company's investor relations
website.
Investor and Media Contact:
David MordyDirector, Investor
RelationsWhitestone REIT(713) 435-2219ir@whitestonereit.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/eff24e78-2c9b-4981-909a-972d5ce7dbaa
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