$19 Million: Houston REIT secures Ariz. Project

In Houston, Whitestone REIT, a Houston based REIT has closed on the off-market purchase of The Shops at Pecos Ranch, a 78,767 sq ft 100% leased Community Center in Chandler, Arizona, for $18.95 million in an all-cash transaction. The Center has in-place cash flow of approximately $1.6 million, or 8.4% of the purchase price.

“The Shops at Pecos Ranch, a class-A stabilized Community Center completed in 2010, is located in a densely populated trade area serving Chandler, a Phoenix suburb in the growing Southeast Valley, “ said James C. Mastandrea, Whitestone’s Chairman and CEO.