HOUSTON, June 13, 2023 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”) today announced the acquisition of Arcadia Towne Center in Phoenix, Arizona for $25.3 million. Arcadia is an affluent neighborhood surrounded by Camelback, Scottsdale, Paradise Valley and Tempe. 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. This will allow Whitestone to focus on aligning the non-anchor tenants to meet the needs of the surrounding community with service-oriented businesses.
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. The nearly 70,000 square-foot center’s 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.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit the Company's investor relations website.
Investor and Media Contact:
David Mordy
Director, Investor Relations
Whitestone REIT
(713) 435-2219
ir@whitestonereit.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eff24e78-2c9b-4981-909a-972d5ce7dbaa
