) announced the completion of the acquisition of the community
center - Anthem Marketplace - for $23.3 million of cash drawn on
Whitestone's unsecured revolving credit facility. The acquisition
depicts Whitestone's ongoing expansion spree mainly on the
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Anthem Marketplace is advantageously situated at the Anthem
Parkway and Gavilan Peak Parkway intersection. Moreover, it is
located opposite the Anthem Community Park. Additionally, this
center serves the Anthem and Tramonto master-planned communities
designed to cater to families in North Phoenix. The community
center spans over 113,293 square feet and is anchored by
). It comprises dining establishments as well as personal care
services and retailers.
Anthem Marketplace currently experiences in-place net operating
income of about $1.8 million. Further, Whitestone expects to add
about $0.06 per share in annual FFO (funds from operations) based
on current shares outstanding.
Whitestone currently owns 15 Community Centers and 3 future
development land parcels in the Greater Phoenix area. Some of the
community centers include - The Shops at Pecos Ranch, The
Citadel, Pima Norte, The Pinnacle of Scottsdale, and Terravita
Marketplace. Following the Scottsdale-based property acquisition,
Whitestone now owns a large share of tenant space in the affluent
submarket of Phoenix, spanning over 1.5 million square feet of
gross leasable area.
The recent deal is expected to strengthen Whitestone's presence
in the upscale markets, especially on the off-market front.
Moreover, Whitestone has been focusing on expanding its footprint
by tactically acquiring commercial properties in high-growth
markets. This retail real estate investment trust (REIT) mainly
targets U.S. properties located in densely populated and
culturally diverse submarkets in Phoenix, Chicago, Dallas, San
Antonio and Houston.
Whitestone currently carries a Zacks Rank #3 (Hold). Some better
performing REITs include
Chesapeake Lodging Trust
). Both these companies carry a Zacks Rank #1 (Strong Buy).