Whitestone REIT acquired the Arcadia Towne Center in Phoenix, Arizona for $25.3 million. The center expands Whitestone’s footprint into Phoenix submarkets and is anchored by a top performing Safeway. The Safeway, with sales placing it within the top 10% of Arizona Safeways, is not part of the acquisition, but acts as a strong shadow anchor for the center.

Whitestone anticipates funding this acquisition with proceeds from its 2023 dispositions and expects its 2023 recycling efforts will be accretive to Funds from Operation (FFO) per share, improve debt leverage and add to long-term shareholder value. The nearly 70,000 square-foot center’s tenants include CVS, Tutor Time, Mathnasium, Over Easy, Sole Sports and Pluff and Fluff Grooming.