Whitestone REIT Buys Gilbert Tuscany Village for $5 Million

Article originally posted on Phoenix Business Journal on June 29, 2011

Whitestone REIT, a real estate investment trust based in Houston, has bought a highly stylized neighborhood shopping center in Gilbert for $5 million in a cash purchase.

Gilbert Tuscany Village, on the northeast corner of Higley and Guadalupe roads, features terracotta roof tiles, stone columns and water features in a European design. Whitestone has purchased similar properties across the Valley recently including The Citadel and Desert Canyon Shopping Center, both in north Scottsdale.

Gilbert Tuscany Village has been purchased by Whitestone REIT in Houston for $5 million.

Only Rancho Tia Rosa Mexican restaurant and Salon Di Bella lease space at the 49,400-square-foot Gilbert property that has been largely vacant since falling into foreclosure in 2009. The seller was private lender Gilbert Tuscany Lender LLC in Denver.

Whitestone has high hopes to lease the space quickly.

“Gilbert Tuscany Village was initially 57 percent preleased during construction, demonstrating the tenant demand generated as the developers spared no expense in construction … and their magnificent architectural design,” said James Mastandrea, chairman and CEO of Whitestone.

Ari Spiro and Sean Stutzman of Orion Investment Real Estate Services in Scottsdale handled the transaction.