HOUSTON-During Whitestone REIT’s Q1 2012 earnings call, chairman and CEO James C. Mastandrea and CFO David Holeman took some heat from analysts for failing to close on any acquisitions. Under the category of “what a difference a quarter makes,” the Q2 2012 call on Aug. 6 focused on continued improvements to the balance sheet, as well as the acquisition of the 41,530-square-foot Shops at Pinnacle Peak in Scottsdale AZ – along with three pending retail closings which will total approximately 266,000 square feet and have an aggregate value of $40 million.

The REIT acquired Shops at Pinnacle Peak, at 7601-7615 E. Pinnacle Peak Rd., in late May and how has its sights on three more in the same area. “All are located in the Phoenix marketplace, all serve affluent neighborhoods and have high barriers to entry,” comments Mastandrea who adds that, if all goes according to plan, one of the closings could take place as early as next week. One of the retail properties is coming from a TIC that is winding down; the second is being offered by a bank and the third is coming from a CMBS pool.

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