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FOUNTAIN HILLS, ARIZ. — Whitestone REIT has acquired Fountain Hills Plaza, 111,289-square-foot 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. New tenants to the center include Little Caesar’s, GNC, H & R Block and Great Clips.
The seller, J & R Holdings XX LLC, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office. J & R is an entity formed by Pederson Group.