Whitestone REIT Buys Mercado at Scottsdale Ranch for $21.3M

Whitestone REIT

, a fully integrated real estate company that owns, operates and re-develops Community Centered Properties^TM, announced today the acquisition of Mercado at Scottsdale Ranch, located at the intersection of East Via Linda & Mountain View Road in Scottsdale, Arizona. The 118,730 square foot center has a broad, diverse tenant mix including AJ's Fine Foods and Walgreens. The $21.3 million purchase of Mercado includes an $11.1 million debt assumption and a $10.2 million equity requirement which is funded by Whitestone's unsecured revolving credit facility. The 11 acre center has in-place cash flow of approximately $1.7 million, or 8% of the purchase price, and is expected to add approximately $0.06 per share in annual Funds From Operations after debt interest expense, based on current shares outstanding.