Westwood Financial Corp. Purchases Retail Center in Texas

PRLog (Press Release) - Aug. 9, 2012 - Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased Waterside Marketplace, a Kroger-anchored retail center in a suburb of Houston, Texas. The sale price was undisclosed.

“This property is shadow-anchored to a 123,000-square-foot Kroger marketplace, gives us five in Houston and our 21st shopping center in Texas,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “This acquisition perfectly fits into what Westwood Financial Corp. is looking to accomplish in the Southwest.”      

The property is located at 8011 Grand Parkway, Richmond, Texas, which is a suburb of Houston, was built in 2009. With 14 units and tenants like Wells Fargo Bank, Great Clips, State Farm, H&R Block, Kumon Learning, Il Primo Wings, the percentage leased is 93.8 percent.

The seller, Regency Centers, was represented by George Cushing of Jones Lang LaSalle.

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 http://www.westfin.com.

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