Whitestone REIT (WSR) purchases Heritage Trace Plaza - its first Fort Worth-area property - for $20.1M. The property has 70.4K square feet and is 98% leased, anchored by Texas Health Resources.
The purchase was funded with Whitestone's credit facility which is priced at 1.75% to 2.50% above Libor. Current NOI is $1.5M, or 7.5% of the purchase price. The deal is expected to boost FFO per share by $0.02 in 2014 and $0.04 in 2015.