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.
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).
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”.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255