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9/09/15
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Whitestone REIT has acquired a hard corner at its Gilbert Tuscany Village property in Gilbert, AZ for $1.7 mil. The corner, which is located at the busy intersection of Guadalupe Rd and North Higley Rd, contains a never occupied, 14.6k sf Fresh & Easy Market store.
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 mil, or $101/sf, which is significantly below the center's estimated replacement cost. At that time, the occupancy rate of the center was 16%, but has since increased to 89%. The 49.4k sf, Class A community centered property (64k sf with 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.
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