Whitestone bolsters valley holdings…pays $20.55 million for Fountain Hills Plaza

Fountain Hills – Whitestone REIT in Houston, Tex. (NYSE:WSR, James Mastandrea, CEO) has bolstered its portfolio of retail properties in the Valley with the $20.55 million purchase ($184.65 per foot) of a shopping center in Fountain Hills. The 111,289-square-foot Fountain Hills Plaza is located at 16605 E. Palisades Boulevard. The seller was J&R Holdings XX LLC, a company formed by The Pederson Group Inc. in Phoenix (Jeff Manelis, pres.). Public records show Whitestone Fountain Hills LLC paid cash for the property, which is 87 percent occupied. The deal was negotiated through Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE in Phoenix. The center, which was originally developed in 1986 and expanded and renovated in 2009, is anchored by Bashas’ grocery. Ace Hardware is also a tenant in the project. In January 2008, BREW reported The Pederson Group entity paying $10 million ($153.85 per foot) to acquire roughly 65,000 sq. ft. of retail space at Fountain Hills Plaza. That purchase did not include about 35,000 sq. ft. of space owned and occupied by Bashas’. Continue reading

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