PHOENIX—Whitestone REIT announces the acquisitions of Fulton Ranch Towne Center for $29.3 million and The Promenade at Fulton Ranch for $18.6 million. Fulton Ranch Towne Center and The Promenade at Fulton Ranch are located within Fulton Ranch, a 520-acre, high-end, lake-based lifestyle village in Chandler.
Average household incomes of $106,079 within Fulton Ranch rank significantly higher than the broader Phoenix MSA of $71,229. Both properties serve as local destinations for the surrounding 12,000 homes, Price Road Corridor and 90-acre Snedigar Recreation Center and Sportsplex. Hamilton High School, Arizona's largest high school, with 3,600 students is located across the street from Fulton Ranch Towne Center.
The Fulton Ranch Towne Center acquisition totals 113,381 square feet of leasable space on 18.1 acres and includes two pad sites which can be developed, adding 18,660 additional square feet as well as an option to purchase a currently occupied 30,187 square foot building which is expected to soon be vacated. Occupancy of the center is currently 86.3%. The Promenade at Fulton Ranch acquisition totals 98,792 square feet of leasable area on 14.3 acres. Occupancy of the center is currently 76%.
James C. Mastandrea, Whitestone's chairman and CEO, says, "Both Fulton Ranch Towne Center and The Promenade at Fulton Ranch were off-market acquisitions located in the technology hub corridor within the Chandler, Gilbert and Mesa area. Both properties enhance our presence in the growing southeast valley of the Phoenix MSA, and expand our opportunities for economies of scale and leasing synergies with Whitestone's existing infrastructure. The properties feature balanced and complementary tenant businesses which meet the needs of the residents from the surrounding communities."
Mastandrea adds, "Both properties are prominently located in the Price Road Corridor of Chandler, which is one of the fastest-growing high-technology manufacturing cities in the western United States. The Price Road Corridor features a workforce with employers including Intel, Bank of America, Wells Fargo, Verizon Wireless, and eBay/PayPal establishing a major presence in the Fulton Ranch Community, adjacent to the Price Road Corridor"
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