Whitestone REIT announced the acquisition of Scottsdale Commons in Scottsdale, Arizona for $22.2 million. Scottsdale Commons sits on the second most trafficked intersection in Scottsdale and acts as a gateway linking North Scottsdale and Paradise Valley. The 69,000 square foot center is 96.6% occupied with 20 tenants including Rosati’s Chicago Pizza, specialty butcher Rusty Nail Meats, U.S. Egg, winner of Phoenix Magazines 2023 Best Breakfast Award, pet care service provider Companion Pet Partners and BevMo which serve a surrounding community with a 3-mile average household income of $138k. The acquisition is funded through Whitestone’s capital recycling program, which is intended to improve the overall quality of its portfolio through targeted dispositions and the acquisition of greater long-term value properties. The program began in 2022, is intended to match disposition proceeds with acquisition funding amounts, and now totals over $100 million in acquisitions with an annual base rent of approximately $27 per square foot and combined capitalization rate of 7.1% based on actual or projected year one NOI. The properties sold to date have an annual base rent per square foot of approximately $18 and were sold at an aggregate capitalization rate of 6.2%, based on trailing twelve-month NOI.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WSR:
- Whitestone REIT Acquires Scottsdale Commons
- Whitestone REIT urges shareholders to vote for all trustees
- Whitestone REIT Files Definitive Proxy Materials and Mails Letter to Shareholders
- Whitestone REIT Announces First Quarter 2024 Earnings Webcast and Conference Call
- Whitestone REIT initiated with a Buy at Alliance Global Partners