Whitestone REIT has acquired the Arcadia Towne Center in Phoenix, Arizona for $25.3 million. This center expands Whitestone’s presence into the Phoenix submarkets and is anchored by a top performing Safeway store that is not part of the acquisition but acts as a strong shadow anchor for this nearly 70,000 square-foot center. Tenants include CVS, Tutor Time, Mathnasium, Over Easy Sole Sports and Pluff & Fluff Grooming.
Whitestone plans to fund this acquisition with proceeds from its 2023 dispositions and expects these efforts will be accretive to Funds from Operation (FFO) per share which should improve debt leverage while adding long-term value to shareholders.
