Whitestone REIT acquires two properties
Whitestone REIT announced that it continues to expand its portfolio in the largest and fastest growing cities in the United States with acquisitions of La Mirada and Seville, two upscale retail centers located in Scottsdale, Arizona. In a recent Forbes article, Scottsdale was ranked third among cities that are winning the battle for information jobs and was cited among the top cities for growth in the information economy. The acquisitions bring the Company's total holdings in the greater Phoenix metropolitan area to 27 community centered properties containing 2.3 million leasable square feet. La Mirada is located in North Scottsdale at Pima Road and Pinnacle Peak Road, with an average household income of $129,000 within a five-mile radius. Seville is located at Scottsdale Road and East Indian Bend Road, across the intersection from the recently announced $2 billion Ritz-Carlton development.