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PHOENIX-Whitestone REIT broadened its Phoenix footprint with its acquisition of the 118,209-square-foot Fountain Square for $15.4 million. The transaction was all-cash and represented a 49% discount-to-estimated replacement cost.

The center at 350-610 E. Bell Rd. is 76% occupied, allowing plenty of upside for the Houston buyer.  Construction is already underway to build out a 20,000-square-foot space dedicated to Planet Fitness. Records list the previous owner as Lakha Properties-Phoenix LLC, though the center was acquired from receivership.

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