Monday, November 12, 2012

Whitestone REIT Acquires $15.3 Million Lender-Owned Shopping Plaza in Phoenix, AZ



Fountain Square Shopping Center, Phoenix, AZ
PHOENIX, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Fountain Square, a 118,209-square foot lender-owned shopping plaza in Phoenix. The sales price of $15,366,600 represents $130 per square foot.

            Sanford Burstyn in Marcus & Millichap’s Phoenix office represented the seller, and the buyer, Houston-based Whitestone REIT.

Sanford Burstyn
“Fountain Square is part core asset and part value-add,” says Burstyn. “The property has multiple credit tenants, five pad buildings and vacancy rate of 32 percent, providing Whitestone with a stable base return and an achievable upside. Located at an ‘A’ intersection in Phoenix at Seventh Street and Bell Road, the asset attracted a great deal of interest from a wide range of investors,” adds Burstyn.

In-line tenants include Planet Fitness, Payless Shoe Source, Hallmark, T-Mobile, UPS, Avon, H & R Block, Rent-A-Center and Weight Watchers. The pad users include leases with U.S. Bank, Village Inn, Hi-Health, El Pollo Loco and Baja Fresh. Safeway and McDonald’s are contiguous to Fountain Square but were not included in the offering

The property was developed in 1986 by Charles Keating of Continental Properties.

 Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

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