Whitestone Continues Buying Spree; Closes on Anthem Marketplace

ANTHEM, AZ-Whitestone REIT’s appetite for Phoenix-area assets remains strong. Less than a week after acquiring Mercado at Scottsdale Ranch, the Houston-based REIT bought the 113,293-square-foot Anthem Marketplace from Regency Centers for $23.3 million.

Anchored by a Safeway Grocery Store, the property at 3655 W. Anthem Way was acquired through off-market means. Whitestone REIT relied on cash drawn from it unsecured revolving credit facility. Anthem Marketplace has in-place net operating income of approximately $1.8 million, or 8% of the purchase price, and, based on Whitestone’s current number of shares of common stock outstanding, is expected to add approximately $0.06 per share in annual Funds From Operations.