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6/20/23
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Whitestone REIT has purchased Arcadia Towne Center, a 70k sf grocery center located at 4730 E. Indian School Rd in Phoenix. The asset was sold by LNR Partners in a $25.3 mil deal.
The center expands Whitestone’s footprint into prime Phoenix submarkets and is anchored by a top performing Safeway. The Safeway, with sales placing it within the top 10% of Arizona Safeways, is not part of the acquisition, but acts as a strong shadow anchor for the center. Other tenants include CVS, Tutor Time, Mathnasium, Over Easy, Sole Sports and Pluff and Fluff Grooming.
Center traffic is driven not only by the surrounding neighborhood, with a 1-mile average household income of $165,000, but by nearby Arcadia High School, with approximately 1,500 students.
Whitestone anticipates funding this acquisition with proceeds from its 2023 dispositions and expects its 2023 recycling efforts will be accretive to FFO per share, improve debt leverage and add to long-term shareholder value.
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