Fountain Hills Plaza Sells for $20.5 Million

Fountain Hills, Ariz. — Whitestone REIT has acquired the grocery-anchored Fountain Hills Plaza.

Fountain Hills, Ariz. — Whitestone REIT has acquired the 111,289-square-foot Fountain Hills Plaza, a retail center in the Phoenix suburb of Fountain Hills, for $20.5 million. The center is located at the southwest corner of Palisades Boulevard and La Montana Drive. It is anchored by a Bashas grocery store and an Ace Hardware. Additional tenants at the property include Little Caesar’s, GNC, H&R Block and Great Clips.

Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office represented the seller, J & R Holdings XX LLC, an entity formed by Pederson Group.