Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has sold Sonora Village in Scottsdale, Ariz. for $46.5 million.
Torrance, CA – June 1, 2012 – (RealEstateRama) — “We have sold six of our Arizona properties totaling almost $100 million over the last six months, however it was a difficult decision to sell Sonora considering the quality of the real estate. However as we continue to reshape our portfolio it was an obvious disposition target given the fact we have owned the property for 13 years,” said Westwood Financial Executive VP Joe Dykstra. “We have invested in retail properties in Arizona since 1989 and have owned 33 properties at one time or another in Phoenix and Tucson and expect to continue to be an active buyer in the state.”
Westwood Financial has bought 26 properties in seven different states over the last three years for both its core and value added acquisition program. “We continue to acquire first tier grocery-anchored properties in major metro markets throughout the U.S., and we are aggressively adding to and expanding our value-add platform,” said Dykstra.
The 33-suite shopping center, built in 1996, is located at 15515-15745 North Hayden Road and is 82-percent leased. Tenants in the 248,322-square-foot center include Best Buy, Staples, Studio Movie Grill, Party City, Aaron Brothers, Peter Piper Pizza, Chase and Wildflower Bread Company.
Westwood Financial was represented by Jan Fincham and Patrick Dempsey of Lee & Associates’ Phoenix office.
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.