By Kristena Hansen | Phoenix Business Journal
Houston-based Whitestone REIT (NYSE: WSR) continued its buying spree of metro Phoenix real estate with the recent $21.3 million purchase of an AJ’s Fine Foods-anchored shopping center in north Scottsdale, according to a company statement.
The acquisition of the 118,730-square-foot Mercado at Scottsdale Ranch marks the 14th commercial property in the Valley now included in Whitestone’s portfolio, which is comprised of more than 50 office and retail assets in metro Phoenix, Texas and Illinois.
Five of those Valley properties were purchased last year for approximately $108 million total. The largest was the $50.5 million acquisition of the Village Square at Dana Park in Mesa, marking the fifth biggest retail sale in the Valley last year and the 10th biggest sale among all property types.
