Tag Archives: Whitestone REIT

Courtesy of restaurant

Jalapeño Inferno brings Sonoran flair to Market Street at DC Ranch

After 15 years in business, family owned and operated Mexican restaurant, Jalapeño Inferno, has opened its second North Scottsdale location. Owners Terry and Laura Craig opened the first location at the northeast corner of Scottsdale Road and Pinnacle Peak Road in (2000), and just last month opened their second location at Market Street at DC Ranch.

Jalapeño Inferno is known for their Mexican and Sonoran cuisine. Specialties include made-from-scratch tamales, chicken tortilla soup and the signature enchilada sauce. From their “Build Your Own Custom Chimichanga or Burrito” lunch special, to their new “healthy” menu options, and their delicious dessert options, there is something for everyone to love.

“We are excited about being part of the Market Street at DC Ranch community. We are a local, family owned restaurant and have a long history of serving North Scottsdale residents and want to expand our base of great customers and friends and this center is a great location to do that,” said owner Laura Craig.

Jalapeño Inferno is a modern Sonoran Mexican restaurant concept, with two locations in Scottsdale, Arizona. Family owned and operated for over 15 years, Jalapeño Inferno is known for their award winning customer favorites, like their extra fluffy flour and corn tortilla chips & salsa and their signature margaritas. Terry and Laura Craig, the founding team behind Jalapeño Inferno, believe in providing outstanding service, consistency, and truly exceptional flavors to their guests, at a reasonable price point.

Jalapeno Inferno Market Street has also partnered with the world famous Patron Tequila family to produce an Anejo tequila EXCLUSIVE for their restaurant, a reserve barrel selection available nowhere in the world but ​Jalapeño Inferno!

In addition to the new dining options, additional tenants that have recently been added to the property include, The Living Room wine café and lounge, Paradise Medspa, DC Ranch Community Medicine, GoldenHawk Financial, Pavoreal Interiors, Lindsey Schultz Design and DC Dance AZ. All of the new tenants were selected to serve the needs of the community providing grocery and dining, education, health & wellness, and services.

​Jalapeño Inferno​ hours can be found here.

PIma Norte, Courtesy of Whitestone REIT

Pima Norte signs three tenants

Whitestone REIT (“Whitestone”), a fully integrated real estate company that owns, operates and re-develops Community Centered Properties, welcomed new tenants Berkshire Hathaway HomeServices Arizona Properties, Carefree Movement and KT Financial at the Pima Norte property located just north of Scottsdale, Ariz., in the Carefree and nearby Cave Creek area.

Pima Norte, an executive office and financial services focused property, is home to a very strong base of tenants including Heaton Adams Financial, Hundman Law Office, Gilbraltar Mortgage Company, Oz Directional Drilling and Ticket Evolution. Pima Norte is well located at the base of Desert Mountain between the inviting towns of Carefree and Cave Creek where household incomes in neighboring gated communities Mirabel, The Boulders and Whisper Rock are over $275,000.

Whitestone’s Chairman and CEO, James C. Mastandrea said, “We entered the Phoenix market in 2007 with the acquisition of the newly constructed Pima Norte giving us a foothold in the greater Phoenix market. We consider Pima Norte a very well-constructed property in a great location, only to find it challenged in the downturn in 2007. We set our foundation at this property as we prepared to purchase additional properties at or near the bottom of the market to position Whitestone as the market turned.” Mastandrea added, “We continued to lease Pima Norte as we acquired an additional two million square feet, at steep discounts to replacement cost during the downturn. Today, we have a leading position in the market with properties that include Dana Park in Mesa and Market Street in DC Ranch.” Mastandrea concluded, “Since our IPO in August, 2010, we considered all the cash flow from Pima Norte as accretive to FFO and with the addition of our new tenants, we will increase both occupancy and FFO. We expect the leasing momentum at Pima Norte to continue at an increasing rate in the next 24 months with a positive impact on our enterprise value per share.”

pima norte, web

Pima Norte Signs Five New Leases

Five businesses have signed leases in Whitestone REIT’s Pima Norte office complex located in Carefree including Prudential Real Estate, Carefree Movement Physical Therapy, Hundman Law Offices, Oz Directional Drilling and Full Circle Homes.

Strategically located at the southwest corner of Pima Road and Cave Creek Road, Pima Norte is convenient to many upscale master planned communities including Desert Mountain, Mirabel, Whisper Rock Golf Club, Estancia and Legend Trail.

Prudential Real Estate, who just yesterday announced the decision to change the brand name they operate under from Prudential to Berkshire Hathaway Home Services will open a 4,000-square-foot office at Pima Norte this spring. With 10 Arizona offices under their belt, the expansion of the Pima Norte location to their portfolio will allow agents and brokers to service and access the Desert Mountain area. Approximately 50-60 new agents will be hired at the new Pima Norte location. Pima Norte provides an upgraded facility to the agents and the clients they service.

Carefree Movement Physical Therapy is relocating their 1,600 square-foot studio this May to Pima Norte. Ahybrid method that combines principles of structural integrity and alignment with strength conditioning, Pilates and stretching, Carefree Movement Physical Therapy signed a long-term lease with Pima Norte. Carefree Movement will offer movement therapy, structural personal training and post rehab yoga to residents in the Carefree, Cave Creek and North Scottsdale area.

Hundman Law Offices has opened a 900-square-foot office space focusing on probate, estate planning and tax return preparation. They provide legal services to individuals and small businesses. Hundman Law  is owned and operated by James E. Hundman, JD, CFP® who has been practicing law for over 25 years. Mr. Hundman is a Registered Principal with LPL Financial, a member of FINRA/SIPC. He holds a Bachelor of Science degree in Accounting from Illinois State University . He is a licensed Life & Health insurance producer in Illinois and Arizona, with certification in Long Term Care insurance.

Oz Directional Drilling established in 2008 is an international company based out of Scottsdale, Arizona will expand from 600-square feet to 2,600-square feet. With over 60 years of pipeline experience and over 20 years’ experience in the horizontal directional drilling industry, Oz Directional Drilling is known for their expertise throughout North America. Known for their excellence in performance, Oz has completed several hundred directional bores.

Additionally, Full Circle Custom Homes, LLC is a residential custom home builder that recently relocated and expanded at Pima Norte. Full Circle Custom Homes currently has projects underway in Desert Mountain, Estancia, North Scottsdale, Whisper Rock and Cave Creek. Lisa Tate is the owner and President of this business residing in Carefree, AZ.  The prime location of Pima Norte affords Full Circle Homes the convenience to be at their construction sites within 15 minutes when needed and provide their clients great access for a walk through of the progress on their dream home.

PavoReal, WEB

PavoReal Interiors Opens at Market Street at DC Ranch

PavoReal Interiors opens this month at Market Street at DC Ranch.

PavoReal Interiors specializes in custom home furnishings, including antiques, fine rugs, gallery art, custom window treatments, accessories, upholstery and bedding.

“Our ability to attract established, local businesses with sophisticated taste like PavoReal Interiors shows the incredible reputation Market Street at DC Ranch has built for itself as a one-of-a-kind commercial destination,” said James C. Mastandrea, Whitestone REIT’s Chairman and Chief Executive Officer. Whitestone REIT is the owner of Market Street at DC Ranch.

For PavoReal Interiors, selecting Market Street at DC Ranch as their second location was the result of searching for months for the perfect destination that positioned them closely to the majority of their clients.

DC Ranch

Whitestone REIT Acquires Market Street at DC Ranch for $37.4M

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.

rsz_pecos_ranch_photo

Whitestone REIT Acquires The Shops at Pecos Ranch for $18.95M

 

Whitestone REIT closed on the off-market purchase of The Shops at Pecos Ranch, a 78,767 SF, 100% leased community center in Chandler for $18.95M in an all-cash transaction.

The center has in-place cash flow of approximately $1.6M, or 8.4% of 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. Tenants housed on the 10-acre site, at the intersection of Dobson and Germann roads, serve the surrounding Pecos Ranch and Vineyards neighborhoods.

Traffic is enhanced by the property’s 1-mile proximity to Intel Corporation’s nearby 682-acre campus with approximately 11,000 employees, as well as the developing office submarket surrounding the coming Intel semiconductor manufacturing plant projected for completion in 2013.

The Shops at Pecos Ranch are close to Whitestone’s other Southeast Valley centers, Village Square at Dana Park and Gilbert Tuscany Village.

“The tenants include four popular restaurants with individual outdoor dining patios, that have each established a lunch crowd pulling from nearby employers, and draw additional traffic for evening and weekend business from the surrounding neighborhoods,” said James C. Mastandrea, Whitestone’s chairman and CEO.

“Tenant mix also includes other service tenants including salons, medical and educational tenants – our small space tenant mix formula for our community centered property business model.”

Whitestone now owns more than 1.2 MSF of lease space in Metro Phoenix in 15 community centers and future development land parcels, strategically located in high traffic neighborhoods, including The Shops at Pecos Ranch.

The other Centers include Ahwatukee Plaza, The Citadel, Desert Canyon, Fountain Square, Gilbert Tuscany Village, MarketPlace at Central, Paradise Plaza, Pima Norte, The Pinnacle of Scottsdale, The Shops at Pinnacle Peak, Terravita Marketplace and Village Park at Dana Square as well as future development land parcels at The Pinnacle of Scottsdale and at Village Park at Dana Square.

All purchases were off market and priced at a discount to current replacement cost and have a value-add component. Each of these community centers is in a stabilized neighborhood with strong demographics, and provides essential services to support local communities.

Currently 100% leased with 19 tenants, the Shops at Pecos Ranch are home to Crowded House, the largest tenant, with 16,133 SF of lease space; and Phoenix Children’s Academy, with 10,685 SF of space. Other small-space tenants with 5,000 SF or less, include a mix of medical/health care and convenience service providers ranging from chiropractitioners, dry cleaner, yoga and fitness studios to tax preparation.

A variety of popular casual dining venues range from Italian, Chinese to Mexican, as well as breakfast, pizza and sandwich offerings.