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FOUNTAIN HILLS, AZ-Whitestone REIT continued widening its retail footprint in the metro Phoenix area, closing on the 111,289-square-foot Fountain Hills Plaza. In this transaction, the Houston-base REIT paid $20.5 million to seller J & R Holdings XX LLC, an entity formed by Phoenix-based Pederson Group.

Located at 16605 Palisades Blvd., the dual-anchored center is 87% occupied and was purchased with in-place cash flow of approximately 8% of the purchase price. Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office represented the seller.

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