Westwood Financial Corp. Ends 2012 on High Note

The nationwide retail owner/operator improves on last year with more than $200 million in acquisitions and dispositions
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Jan. 14, 2013 - PRLog -- 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 42-year history with more than $200 million in acquisitions and dispositions in 44 separate trades in 2012. ”We are pleased with 2012 and are expecting 2013 to be more of the same.” said Joe Dykstra, executive VP of WFC.

Some of the highlights for 2012 include:

•   McDonald’s Corp.: The sale of 19 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 11 states and comprise a mixture of former McDonald’s restaurant locations, non-restaurant locations, vacant buildings and land. WFC sold the 19 properties in a series of one-off transactions for values between $900 and $1.235 million, leaving three remaining assets for sale. Westwood is scheduled to dispose of the remaining assets prior to the end of the year.
•   Wesleyan Station: The purchase of the 86,631-square-foot Kroger anchored retail center in Macon, Georgia, from a local seller.
•   Olive Square: The $6.235 million sale of the 88,255-square-foot Fry’s-anchored retail center on the NWC of 51st Ave and Olive Ave., Glendale, Arizona.
•   Atlantic & 7th: The $1 million sale of the 3,000-square-foot strip at 601 East 7th St., Long Beach, California.
•   Pacific Plaza: The $7.4 million sale of the 43,902-square-foot retail center at 2544 S. Archibald Ave, Ontario, California.
•   Augusta Ranch Pads: The $2.275 million sale of the 10,270-square-foot retail pads located at 9265 E. Baseline Rd and 2043 S. Ellsworth Rd. in Mesa, Arizona.
•   Willow Run Shopping Center: The $11.55 million sale of the 95,791-square-foot Safeway anchored retail center at 12900-12910 N. Zuni Street, Westminster, Colorado.
•   Sonora Village: The $46.6 sale of the 248,322-square-foot Best Buy and Staples-anchored retail center at 15448-15704 N. Pima Rd, Scottsdale, Arizona.
•   Waterside Marketplace: The purchase of the 29,881-square-foot Kroger shadow anchored retail center in Richmond, Texas, from seller Regency Centers.
•   Port St. Lucie: The purchase of the 19,163-square-foot retail center in Port St. Lucie, Florida, from seller CW Capital.
•   Inland Retail Portfolio: The purchase of the three retail centers in Texas, from seller Inland. Lake Forest Crossing, a 29,897-square-foot Wal-Mart shadow anchored retail center located at 5101 McKinney Ranch Parkway, McDermott Towne Crossing, a 42,700-square-foot Kroger shadow anchored retail center located idgew at 1312 W. McDermott Drive, Allen, Texas, and South Towne Crossing, a 59,986-square-foot Target and Home shadow anchored retail center in 130 Northwest John Jones Drive, Burleson, Texas.
•   Beach Western Commons: The purchase of the 91,166-square-foot Kroger-anchored retail center in Fort Worth, Texas, from seller CNA Enterprises.
•   Village Shops: The purchase of the 14,205-square-foot retail center in Phoenix, Arizona, from a local seller.
•   Carrollton Retail Center: The purchase of the 14,500-square-foot retail center in Carrollton, Texas, from seller Park Midway Venture, LLC.
•   East Pointe Marketplace: The purchase of the 58,000-square-foot retail center in Milwaukee, Wisconsin, from seller Northwestern Mutual Life Insurance. This is Westwood Financial’s first acquisition in Milwaukee, Wisconsin.
•   Johnston Road Plaza: The purchase of the 79,508-square-foot Food Lion anchored retail center in Charlotte, North Carolina, from seller Weingarten.
•   Shea Retail Center: The $3 million sale of the 12,716-square-foot retail center at 7337 E. Shea Blvd, Scottsdale, Arizona.
•   Highland Commons: The $7 million sale of the 39,739-square-foot retail center at 5775 Airport Blvd., Austin, Texas.

Many of the acquisitions above represent WFC’s strategy to use funds from numerous 2012 dispositions to invest in upscale retail and expand its outreach in the Southeast, Midwest and West and Southwest markets. In addition to the deals mentioned above Westwood Financial Corp. currently has several deals pending that are scheduled to close in January.
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Tags:Commercial Real Estate, California
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Location:Torrance - California - United States
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