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11/12/12
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Houston-based Whitestone REIT closed on a Phoenix retail acquisition, paying $15.37 mil for Fountain Square, a 118.2k sf ($130/sf) lender-owned shopping plaza. The property was originally developed in 1986 by Charles Keating of Continental Properties.
In-line tenants include Planet Fitness, Payless Shoe Source, Hallmark, T-Mobile, UPS, Avon, H & R Block, Rent-A-Center and Weight Watchers. The pad users include leases with U.S. Bank, Village Inn, Hi-Health, El Pollo Loco and Baja Fresh. Safeway and McDonald’s are contiguous to Fountain Square but were not part of the sale.
Sanford Burstyn in Marcus & Millichap’s Phoenix office represented the buyer and the unnamed seller. “Fountain Square is part core asset and part value-add,” says Burstyn. “The property has multiple credit tenants, five pad buildings and vacancy rate of 32 percent, providing Whitestone with a stable base return and an achievable upside. Located at an ‘A’ intersection in Phoenix at Seventh Street and Bell Road, the asset attracted a great deal of interest from a wide range of investors,” adds Burstyn.
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