Scottsdale, AZ – August 10, 2011 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., announces the $16.1 million sale of the Terravita Marketplace, a 102,733-square-foot retail center in Scottsdale, Ariz. Lee & Associates’ Phoenix office represented Westwood in the sale of the property, located at 34402-34502 North Scottsdale Road. It was purchased by Whitestone REIT.
“This transaction is the latest in our firm’s overall plan to rebalance our portfolio geographically, as the funds generated here will be reinvested in grocery-anchored properties elsewhere in the U.S.,” said Westwood Financial Executive VP Joe Dykstra. “This is a well-performing Class-A asset in a great North Scottsdale location that will suit Whitestone REIT very well.”
Jan Fincham and Pat Dempsey of Lee & Associates Phoenix represented Westwood Financial in the all-cash transaction. The 21-unit, 1997-built asset currently is 92-percent leased. Tenants include Albertson’s, Walgreens, The Good Egg, Ultra Cleaners, Bed Mart, Sesame Inn, UPS Store and Wells Fargo.
Westwood retains a strong presence in the Phoenix/Scottsdale market, where it has 14 remaining retail assets.
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.