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%.