VIZZDA—December 6th, 2013 — Houston, Texas-based
Whitestone REIT (NYSE: WSR) has completed its acquisition of Market Street—the
office/retail mixed-use core of the DC Ranch master-planned community—for
$33.4m or $138.61 per square foot. Whitestone paid cash for the
Safeway-anchored community center located at the southeast corner of Thompson
Peak Parkway and Pima Road in Scottsdale. The sale price reflects information found on the affidavit of property value that accompanied the deed, other sources report a sale price of $37.4m or $155 per square foot.
The property is assessed as 253,773 ft2 comprised
of 173,290 ft2 of retail including a 56,400 ft2 anchor
space and a 9,084 ft2 full-service restaurant, as well as 80,483 ft2
of office space. Financing documents from 2005 indicate a total 240,948
net rentable square feet and on 241,280 gross ft2 built from 2001 to 2004 on 22 acres, zoned C-O. The
site also features an undeveloped pad, previously used as auxiliary parking.
Work on the project began in March of 2000 with the transfer
of the Market Street parcel from DMB Associates, Inc. to a special purpose
entity for nominal consideration. In November of 2005, DMB encumbered the
property with a $47.5m debt with Archon Financial, an affiliate of Goldman
Sachs, bearing 5.5% interest and maturing December 6th, 2015. At the
time of securitization, the property was 95.3% occupied and generating $3,611,678
in annual net operating income. The property is currently 79.3% occupied.
As previously reported by Vizzda, Whitestone REIT has
acquired a number of trophy retail assets in the Valley, including the
Scottsdale Mercado, Anthem Marketplace and the Village Square at Dana Park. Subscribe to Vizzda or
schedule a demonstration for more information on this and any other deal in
Maricopa and Pinal Counties.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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