Torrance, CA – February 20, 2012 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has sold Olive Square, an 86,225-square-foot retail center in Glendale, Ariz., to seller North American Realty Acquisition Corporation for $6.3 million.
“Westwood Financial Corp. owned the shopping center for over 20 years and is continuing to re-balance its portfolio,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “Funds generated from our sales are being reinvested in grocery anchored properties elsewhere in the U.S.” Currently Westwood Financial Corp. is under contract on multiple acquisitions spread across the country.
The 92-percent leased Olive Square was built in 1974 and remodeled in 2007. Located at 4108-5166 Olive Ave., the center’s tenants include Fry’s Food & Drug, Leslie’s Pool, Swizzle Sticks, West Olive Family Medicine and Ollie’s Omelet House.
Westwood Financial Corp. was represented by Jan Fincham and Patrick Dempsey of Lee & Associates.
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.