"We're targeting the Phoenix area because we believe theopportunities there are outstanding," says Richard A. Vaughn, theREIT's vice president. "The market is starting to come up with someproperties that fit our value-add business model and our strongbalance sheet is giving us flexibility to take advantage of marketsas they rebound."

|

As of now, Privitera is Whitestone's main "man on the ground."Prior to joining Whitestone, he was regional vice president ofAcross America Real Estate Development in Scottsdale.

|

"Louis has been deeply involved in commercial real estate forthe past 15 years," Vaughn notes. "He's well-respected, well-knownand is very motivated and aggressive, which is exactly what we needin that area." Privitera will continue working out of Scottsdale.Vaughn says as the company's holdings increase, the local staffwill do so as well.

|

Whitestone REIT acquired its first property in the metro inOctober 2007. The 50,000-sf Pima Norte at 36600 N. Pima Rd.in Carefree is tailored to medical tenants and other professionalservices, according to Vaughn.

|

In the meantime, the REIT's team is looking for value-addproperties that are either under-managed or under-leased,preferably around 70% occupied. Vaughn tells GlobeSt.com thatseveral assets are in due diligence phases.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.