Whitestone REIT, a real estate company that owns, operates and re-develops community centered properties, announced Thursday that it purchased Market Street at DC Ranch® in Scottsdale for $37.4M, or $156 per square foot. Market Street primarily serves the DC Ranch neighborhood, one of Scottsdale’s signature master planned communities, anchored by Safeway grocery, at the cross roads of Pima, and Thompson Peak, just north of highway 101. The 241,280 SF property is currently 80% occupied and includes land to build and lease another 35,000 square feet.
The addition of Market Street to Whitestone’s Arizona portfolio marks its 21st acquisition in the greater Phoenix metropolitan area, and increases its footprint to over 1.8 MSF of gross leasable space. Whitestone has acquired three properties, Fountain Hills ($20.5 Million), Woodlands ($2.8 million) and Market Street ($37.4 million) totaling $60.7 million since its equity raise in October. Market Street is expected to be immediately accretive to Whitestone’s earnings, adding $0.06 to current Funds From Operation (FFO) per share.
The Seller, DMB developed Market Street as a part of the overall Master Planned Community to provide the residents of DC Ranch and Silverleaf a dynamic mix of local services and a place to dine, shop and work. In addition, Market Street has evolved into a popular destination to bring the community together by hosting major events including the Tour de Scottsdale and the Run for Ryan House.