Westwood Financial Corp. Acquires 147,400 SF Tiger Point Shopping Center in Florida

GULF BREEZE, Fla. - Aug. 3, 2015 - PRLog -- Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, announced today the acquisition of Tiger Point Shopping Center, a 147,400-square-foot shopping center located at 3303 and 3371 Gulf Breeze Parkway in Gulf Breeze, Florida near Pensacola.

Acquired from Moulton Properties, Tiger Point Shopping Center joins WFC’s Southeast portfolio of more than 20 shopping centers. Nationally, the firm owns and operates more than 115 shopping centers and retail properties. Further details of the transaction were not disclosed.

Currently 87 percent leased, Tiger Point Shopping Center is anchored by Winn-Dixie, which has operated at this location since the center was built in 1984, and remains one of only three grocery stores serving the area.

Capitalizing on the historically well-performing tenant mix and prime location along new Highway 98, WFC plans to construct 9,000-square-feet of new retail shop space. WFC will optimize the square footage by creating multiple small shop spaces, ranging in size from 1,200 to 2,500 square feet, to meet the current needs of the market. A 10,000-square-foot space recently vacated by Dollar Tree is also available to lease and is the ideal size for a junior box tenant. In Gulf Breeze, available mid-size retail spaces are often difficult to find in the tight leasing market. North Florida-based real estate firm, Beck Partners, will lead the leasing efforts for the center.

“WFC has a long history of acquiring and repositioning grocery-anchored centers. As a part of our strategy, we target unique shopping centers in locations that cannot be replicated anywhere else,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “Tiger Point Shopping Center is one such property that is located in a market with a high barrier of entry and offers a current mix of strong local and national tenants that will support our plans to lease-up the center.”

In addition to Winn-Dixie, Tiger Point Shopping Center features local and national tenants such as Beall’s, Papa Murphy’s Pizza and the UPS Store, and serves the communities of Gulf Breeze and Pensacola, which boast a population size of 20,026 with an annual household income of $91,683. The area also hosts approximately nine million beach tourists each year.

WFC represented itself in the transaction; and Fain Hicks, managing director with DTZ’s Retail Investment Property Group, represented the seller.


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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 over 44 years. Founded in 1970, WFC is a fully integrated real estate investment firm that acquires, leases, and manages its portfolio of more than 115 shopping centers and retail properties in 28 metropolitan markets. The firm is based in Los Angeles, with satellite offices in Atlanta, Dallas and Scottsdale, Arizona. For general information, please visit www.westfin.com and for leasing and property information, please visit www.westfinleasing.com.