HOUSTON-Whitestone REIT has made its first acquisition outside Greater Houston, paying $8.3 million for the five-building Pima Norte in Carefree, AZ. The buyer, earmarking $2 million for tenant improvements and interiors, is planning to buy more in Arizona and elsewhere outside its homeport.
The REIT has bought Pima Norte at 36600 N. Pima Rd. from an office condo developer from Phoenix. “Right around the time they finished, the market died so they were willing to sell the buildings to us,” James Mastandrea, chairman and CEO of Whitestone REIT, tells GlobeSt.com. Whitestone's plan is to lease the estimated 50,000 sf rather than sell it.
Mastandrea says Pima Norte is slightly different from what's currently in Whitestone's portfolio because it's new. But, there is upside in the five-acre project. “The beauty of a portfolio like this is we can finish up the interior, lease it up and add value that way,” he says. The quoted rates are $25 per sf to $35 per sf, triple net.
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