The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 28, 2023
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

ETC... ETC...
Printer-friendly Version   Email an Associate
Whitestone REIT Spends $25 Mil on AZ Retail Center


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.

Return to the Archive page



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2023 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media