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Land Resources / News / Texas
Whitestone REIT Acquires Bank Note and Deed On Pinnacle Phase II Property Adjacent to The Pinnacle of Scottsdale
Source: MarketWatch
Whitestone REIT (nyse-amex:WSR) ("Whitestone"), a fully integrated real estate company that owns, operates and re-develops Community Centered Properties(TM), which are visibly located properties in established or developing culturally diverse neighborhoods, announced today that it has purchased the note and deed on a 4.45 acre expansion parcel of commercially zoned land at The Pinnacle of Scottsdale for $950,000. This complex acquisition was accomplished through the purchase of a $3.0 million note on the land parcel from the lender for $950,000 in cash, a 68% discount, and simultaneous acceptance of the deed in lieu of foreclosure from the owner of the land. The land parcel is intended for development of approximately 55,000 square feet of new retail and executive office lease space and a fitness club, for which Whitestone intends to begin pre-leasing in the first quarter of 2012. The property includes an existing two-story parking garage and approximately 400 linear feet of frontage on Scottsdale Road adjacent to The Pinnacle of Scottsdale, a Class A Community Center that Whitestone acquired last week. December 28, 2011
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