Last December, Market Street at DC Ranch was acquired by Whitestone REIT, a real estate investment trust company that buys and redevelops community properties. Whitestone bought the 241,280 square foot plaza for $37.4 million dollars.
The Herb Box, a Market Street staple
Although Whitestone is based in Houston, Texas, it’s been busy buying up Arizona properties including Anthem Marketplace in Phoenix (in July 2013 for $20.5 million), the Mercado at Scottsdale Ranch (in June 2013 for $21.3 million), The Shops at Pecos Ranch in Chandler (in December 2012 for $19 million), Fountain Square in Fountain Hills (in September 2012 for $15.4 million) and Village Square at Dana Park in Phoenix (in September 2012 for $50.5 million).
Market Street at DC Ranch
And those are just their recent acquisitions. In total, Whitestone owns 17 community properties in Arizona.
According to their website, Whitestone invests in properties that are in “established, developing, [and] culturally diverse neighborhoods”. Phoenix, along with other U.S. cities including Chicago, Dallas, San Antonio and Houston, are good community property investments because they are 5 of the top 15 markets for population growth.
Whitestone characterizes their corporate culture as a “community of servanthood”, as they “serve” their shareholders, associates, tenants and community members.
Whitestone is continuously improving occupancy rates and foot traffic to Market Street. They have 8 leases currently in review.
Fun Fact: the name “Whitestone” was inspired by Revelation 2:17 which reads: “To him who overcomes, I will give him a white stone, and on the stone a new name”.
As DC Ranch residential real estate experts, we enjoy keeping on top of what’s happening in the neighborhood. Use DCRanchHomes as your source for community and DC Ranch real estate information.
Don Matheson
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255
480-360-0281
don@scottsdalerealestate.com
