HOUSTON-DuringWhitestone REIT's Q1 2012 earnings call, chairman andCEO James C. Mastandrea and CFO DavidHoleman took some heat from analysts for failing to closeon any acquisitions. Under the category of "what a difference aquarter makes," the Q2 2012 call on Aug. 6 focused on continuedimprovements to the balance sheet, as well as the acquisition ofthe 41,530-square-foot Shops at Pinnacle Peak in Scottsdale AZ –along with three pending retail closings which will totalapproximately 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 morein the same area. "All are located in the Phoenix marketplace, allserve 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 ofthe retail properties is coming from a TIC that is winding down;the second is being offered by a bank and the third is coming froma CMBS pool.

"These began as off-market deals and are staying as off-marketdeals," Holeman notes. He goes on to say that Whitestone should seethe pace of acquisition continue to increase during the nexthandful of quarters.