US retail centres investor Whitestone REIT has acquired the Scottsdale Commons centre in Arizona for $22.2m (β¬20.4m).
The NYSE-listed real estate investment trust has bought the 69,000sqft asset in Scottsdale which is 96.6% occupied with 20 tenants.
Whitestone REIT said the acquisition is funded through its capital recycling programme, which is βintended to improve the overall quality of its portfolio through targeted dispositions and the acquisition of greater long-term value propertiesβ.
The capital recycling programme was launched in 2022, allocating funds from asset sales to finance new acquisitions. The programme has already facilitated over $100m in acquisitions.
Whitestone REIT COO Christine Mastandrea said: βWhitestone has the perfect opportunity to leverage our leasing and operations skills in order to drive performance at Scottsdale Commons.
βWe have a great team and a strong presence in the Scottsdale market. This acquisition is accretive on day one and we believe our team can add significant additional value.β
Whitestone REIT specialises in open-air retail centres located in high-growth markets like Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
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