Whitestone REIT, a fully integrated real estate company that owns, operates and re-develops Community Centered Properties (TM), announced today that it has purchased Market Street at DC Ranch for $37.4 million, or $156 per square foot.
Market Street is a 241,280-square-foot, mixed-use neighborhood center which sits at the doorstep of DC Ranch, a signature, master planned community. The center is anchored by a Safeway grocery store and is home to local and national restaurants and a mix of local businesses including Wells Fargo Bank, Fleming’s Steak House, Grimaldi’s Pizza, MidFirst Bank, McCormick & Co., and Edward Jones.
The addition of Market Street to Whitestone’s Arizona portfolio marks its 21st acquisition in the greater Phoenix metropolitan area.
James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer, said, “We are pleased to add Market Street to our portfolio of class ‘A’ Community Centered Properties(TM) in the Phoenix area, and proud to follow in the footsteps of DMB towards the completion and lease-up of the property. Our business model provides an opportunity for our tenants to successfully and profitably build their businesses by meeting the needs of residents in the surrounding communities, which in turn adds value to the property.”
Michael Burke, Vice President of DMB Commercial said, “Market Street will continue to flourish under Whitestone’s ownership. This transaction is a powerful opportunity for us to sell a successful property to a company with specific expertise in expanding similarly situated neighborhood centers.”
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