NEWS RELEASE
HOUSTON, Sep 02, 2015 (GLOBE NEWSWIRE via COMTEX)
Whitestone REIT WSR, -2.54% (“Whitestone” or “the Company”) today announced that it has completed the acquisition of a hard corner at its Gilbert Tuscany Village (“Gilbert Tuscany”) property in Gilbert, Arizona. The corner, which is located at the busy intersection of Guadalupe Road and North Higley Road and contains a vacant (never occupied) 14,603 square foot Fresh & Easy Market store, was acquired for $1.7 million. The acquisition greatly enhances the community-centered property’s drive-by traffic visibility and signage opportunity. The Company is currently having discussions regarding the property with potential restaurant operators.
Gilbert Tuscany was originally purchased in June 2011 for $5 million, or $101.18 per leasable square foot, which is significantly below the center’s estimated replacement cost. At that time, the occupancy rate of the center was 16% and has since increased to 89%. The 49,415 square foot Class-A community centered property, or 64,018 square feet including the newly acquired hard corner, is located in dynamic Gilbert, which is one of Phoenix’s fasted growing suburbs and rated among the nation’s top places to live. The addition of the corner is expected to enhance the marketability and overall economics of Gilbert Tuscany and the Company.
