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Whitestone Steps Outside Houston for First Time

HOUSTON-The local REIT pays $8.3 million for Pima Norte, a five-building office condo project in Carefree, AZ. The 50,000 sf will be leased rather than sold as condos.

By Amy Wolff Sorter | Updated on October 09, 2007

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.

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