Westwood Financial Corp. Ends 2011 on High Note

PRLog (Press Release) - Jan. 9, 2012 - Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of retail properties in the U.S., is reporting one of its most successful years in its 40-year history with more than $172 million in acquisitions and dispositions in 2011. In total WFC completed 67 transactions in 2011, including five core acquisitions, 10 value-add acquisitions, five core dispositions and 47 value-add dispositions.  The transactions were in 24 states.  Over the past two years Westwood Financial Corp. has closed 14 value-add transactions for $60 million and is actively looking to reach its $100 million goal. In addition, the Los Angeles-based firm had an increase in its shopping center portfolio, particularly in the Southeast, which brings its ownership and management of more than 100 shopping centers and retail properties in 24 metropolitan markets.

“We are extremely pleased in how this year has turned out and are eagerly anticipating 2012,” said Joe Dykstra, executive vice president. “With our focus on the expansion of our Southeast portfolio, the acquisition of core, grocery-anchored centers and the expansion of our value-add platform, we are expecting 2012 to be even better than 2011.”

Some of the highlights for 2011 include:
CORE TRANSACTIONS
•   McCrimmon Corners: The purchase of the 86,267-square-foot retail center in Morrisville, N.C., from seller Crosland. The acquisition of the center falls in line with Westwood Financial’s strategy to use funds from numerous 2011 dispositions to invest in Southeastern markets.
•   El Segundo Crenshaw: The $5.4 million sale of El Segundo Crenshaw, a 17,675-square-foot retail center at 12851 Crenshaw Blvd., Hawthorne, Calif.
•   Heritage Hills Shopping Center: The $11.350 million sale of Heritage Hills Shopping Center, a 56,945-square-foot retail center at 9227-9237 East Lincoln Ave., Lone Tree, Colo.
•   Terravita Marketplace: The $16.1 million sale of Terravita Marketplace, a 102,733-square-foot retail center in Scottsdale, Ariz.
•   The Brea Center: The $14.5 million sale of The Brea Center, a 56,945-square-foot retail center at 719-96 Brea Blvd., Calif.
•   Sanders Court:  A $22 million purchase of Sanders Court Shopping Center, a 136,219-square-foot retail center in Northbrook, Ill.  
•   Lakeside Town Center: The purchase of, Lakeside Town Center, a 23,337-square-foot property at 1935 Lakeside Drive in Sugar Land, Tx.
•   Pinnacle Shopping Center: The $28.8 million sale of Pinnacle Shopping Center, a 113,108-square-foot retail center at 23425-23623 North Scottsdale Rd., Scottsdale, Ariz.
•   North Park Plaza: The purchase of the 101,361-square-foot North Park Plaza, grocery anchored center at 3403-3437 N. 7th Avenue in Phoenix, Ariz.

VALUE-ADD TRANSACTIONS
•   Former McDonald’s Portfolio: The sale of 46 former McDonald’s Corp.-owned properties across the country, part of a 68-asset portfolio the company purchased in September 2010. The sold assets span 20 states and comprise a mixture of former McDonald’s restaurant locations, non-restaurant locations, vacant buildings and land. WFC sold the 36 properties in a series of one-off transactions for values between $5,000 and $1.55 million, leaving 22 remaining assets for sale. The company is currently under contract to sell four properties, while working on LOIs for six more and marketing the remaining 12.
•   Crossroads of Tempe: The purchase of the 24,452-square-foot Crossroads of Tempe retail center in Tempe.
•   Stroh Ranch Retail Center: The purchase of, Stroh Ranch Retail Center, a 6,336-square-foot property at 12937 S. Parker Road in Parker, Colo.
•   Barrett Creek Center: The purchase of, Barrett Creek Center, a 28,481-square-foot property at 125 Ernest Barrett Parkway in Marietta, Ga.
•   Valley Ridge Center: The purchase of, Valley Ridge Center, a 12,170-square-foot property at 3719 850 Valley Ridge Boulevard in Lewisville, Tx.
•   Camden Village: The purchase of, Camden Village, a 30,975-square-foot property at 3719 Old Alabama Road in Alpharetta, Ga.
•   Hamilton Crossing: The purchase of, Hamilton Crossing, a 48,470-square-foot property at 2725 Hamilton Mill Road in Buford, Ga.
•   Dana Park Village Square: The $3.325 million sale of Dana Park Village Square, a 10,421-square-foot retail center at 3440 E. Baseline Rd., Mesa, Ariz.
•   Shea Retail Center: The purchase of, Shea Retail Center, a 13,153-square-foot property at 7337 E. Shea Blvd in Scottdale, Ariz.
•   Crossroads of Tempe II: The purchase of the 15,059-square-foot Crossroads of Tempe II retail center at 7707 South Kyrene Road in Tempe, Ariz.
•   Beverly III: The purchase of the 19,387-square-foot Beverly III retail center at 2307-2321 W. 95th Street in Chicago, Ill.

WFC EXPANSION
•   New Atlanta Office: The opening of a management office in Atlanta, which helps WFC reach its goal of doubling its Georgia retail portfolio over the next five years as the company continues to expand its portfolio through the Southeastern U.S.

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About Westwood Financial Corp.
Westwood Financial Corp., is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning 40 years. Based in Los Angeles with satellite offices in Atlanta, Dallas and Scottsdale, Ariz., the firm currently has a portfolio consisting of more than 100 shopping centers and retail properties in 24 metropolitan markets. Founded in 1970 by Steven Fogel and Howard Banchik, the firm has evolved into a fully integrated real estate company that acquires, leases, and manages its real estate portfolio. The firm implements an acquisition strategy that focuses primarily on mature neighborhood, grocery anchored shopping centers with portfolio holdings in Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Nebraska, Nevada, New York, North Carolina, South Carolina, Texas, and Washington. For more information, please visit www.westfin.com.