Westwood Financial Copr. Negotiates 10-Year Lease in Camelback Village
Steak 44 to occupy former Cork ‘N Cleaver Site, opening Fall 2013
PHOENIX – April 11, 2013 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has negotiated the lease of the former Cork ‘N Cleaver Restaurant at Camelback Village at 44th Street and Camelback in Phoenix to Steak 44, which plans to open an upscale fine dining steakhouse by Fall 2013. Steak 44 is an entity operated by the Mastro family that originated the Mastro’s and Ocean Club restaurant chains, and currently operates Michael Dominick’s Steakhouse at Scottsdale Quarter.
“Cork ‘N Cleaver held a special place for many people who grew up in Phoenix,” said Westwood Financial Corp. Executive VP Randy Banchik, who, along with Joe Hoye, represented the landlord, Camelback and 44th OPCO LLC. “It was important to us to find an operator that could retain the spirit of the Cork, while bringing the best of modern steakhouses to the neighborhood. We had many restaurant operators interested in revitalizing the location, but the Mastro family had a wonderful vision and took a very personal interest in the site. Camelback Village has a reputation for having engaged and charismatic business operators, and we believe this restaurant will continue that tradition.”
The ownership and development team for the 7,700-square foot, 210-seat restaurant is comprised of Michael Mastro, Dennis Mastro, Jeffrey Mastro and Scott Troilo who created Michael Dominick’s Steakhouse, the upscale New York style steakhouse at Scottsdale Quarter.
Executive Chef Mark Lupino of Michael Dominick’s Steakhouse is currently developing the menu in the R&D kitchen for the new restaurant.
The restaurant will continue the happy hour tradition at the site including culinary offerings from an Early Bar Menu and providing gourmet light fare dining, 4 to 6:30 p.m. daily. Embodying the tradition of a fine American steakhouse, a vast breadth of California and European wines will be offered along with a variety of classic cocktails.
Live entertainment will be featured nightly at Steak 44. The restaurant will have its own private complimentary valet, easily accessible for parking arrival and departure.
The leased space is housed within the Camelback Village Center which was recently remodeled after almost 40 years of serving the community. Camelback Village is located at 44th Street and Camelback, convenient to residents of Paradise Valley and Arcadia, as well as the business communities of the Camelback corridor, Phoenix’s most affluent communities. Tenants include AJ’s Fine Foods, Carter’s Clothiers, Wally’s and Streets of New York.
Westwood has owned and operated over 25 retail centers in Phoenix since 1989.
Steak 44 was represented by Josh Gosnell of Commercial Properties.
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.
