HOUSTON, Sept. 2, 2015 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) ("Whitestone" or "the Company") today announced that it has completed the acquisition of a hard corner at its Gilbert Tuscany Village ("Gilbert Tuscany") property in Gilbert, Arizona. The corner, which is located at the busy intersection of Guadalupe Road and North Higley Road and contains a vacant (never occupied) 14,603 square foot Fresh & Easy Market store, was acquired for $1.7 million. The acquisition greatly enhances the community centered property's drive-by traffic visibility and signage opportunity. The Company is currently having discussions regarding the property with potential restaurant operators.
Gilbert Tuscany was originally purchased in June 2011 for $5 million, or $101.18 per leasable square foot, which is significantly below the center's estimated replacement cost. At that time, the occupancy rate of the center was 16% and has since increased to 89%. The 49,415 square foot Class-A community centered property, or 64,018 square feet including the newly acquired hard corner, is located in dynamic Gilbert, which is one of Phoenix's fasted growing suburbs and rated among the nation's top places to live. The addition of the corner is expected to enhance the marketability and overall economics of Gilbert Tuscany and the Company.
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, redevelops, repositions, leases, manages and operates Community Centered PropertiesTM. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants. Whitestone's diversified tenant base provides service offerings including specialty retail, grocery, restaurants, medical, educational and financial services. Founded in 1998, the Company is internally managed with a portfolio of 70 commercial properties in Texas, Arizona and Illinois. For additional information about the Company, please visit www.whitestonereit.com.
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.
CONTACT: Bob Aronson Director of Investor Relations D: (713) 435-2219; M: 832-364-8314 firstname.lastname@example.org