Westwood Financial Wraps up a Huge 2010 on the Acquisitions Front

The nationwide retail owner/operator moves into 2011 having increased its portfolio to more than 100 shopping centers and retail properties

LOS ANGELES--(BUSINESS WIRE)--Westwood Financial Corp., one of the largest privately held owner-operators of retail properties in the U.S., is moving into 2011 by closing out a banner 2010 that boasted a number of high-profile transactions. Based in Los Angeles with satellite offices in Dallas and Scottsdale, Ariz., the firm has increased its portfolio in 2010 to more than 100 shopping centers and retail properties in 23 metropolitan markets.

“This was an incredible year for Westwood Financial, and 2011 promises to be even bigger”

“This was an incredible year for Westwood Financial, and 2011 promises to be even bigger,” said Joe Dykstra, executive vice president of Westwood Financial Corp, which in December closed a pair of transactions in Raleigh, N.C., and Kennesaw, Ga., to end 2010 on an impressive note. “We couldn’t be happier about where our firm stands as we head into 2011.”

Westwood has acquired more than 30 properties over the past three years in Florida, Georgia, Texas, Colorado, Arizona and Kansas. The firm places its acquisitions focus on mature neighborhood shopping centers that are anchored by the No. 1 or No. 2 grocery stores in the respective properties’ MSA. Westwood also seeks out urban-anchored or unanchored retail properties in major cities.

Westwood’s 2010 transaction highlights include:

Lynwood Collection, Raleigh, N.C . — This month Westwood purchased this 86,662-square foot shopping center anchored by a Kroger. Tenants include L.A. Boxing, Vincent’s Fred Astaire Dance Studio, Jenny Craig, The UPS Store, Great Clips, Enterprise and Verizon.

Main Street at Town Center, Kennesaw, Ga. — Also in December Westwood picked up this 113,615 square foot neighborhood shopping center outside of Atlanta. Tenants there include David’s Bridal, FedEx Kinko’s, Provino’s, Starbucks, Honey Baked Ham, Causal Male and Plato’s Closet.

Applewood Centre, Omaha, Neb. — In November, Westwood acquired the 101,130-square foot neighborhood shopping center anchored by a Hy-Vee. Tenants at Applewood Centre include Alegent Health, Hy-Vee Wine & Spirits, Varsity Sports, Tan World, Hair by Stewarts, Rose Garden, T.J Nails, Applewood Dental Center, State Farm Insurance, Great Clips, H&R Block, Applewood Chiropractic Clinic and Advance America Cash Advance.

Atascocita Center, Humble, Texas — Westwood Financial in October acquired the 97,240-square foot neighborhood shopping center anchored by a Kroger. Tenants include Exit Realty, Los Vega Mexican Restaurant, Champions Liquor, Imperial China Cafe, TGF Haircutters, Subway, Ace Cash Express, Kim’s Nails, Postal Plus and Ken Stewart Nationwide.

Augusta Ranch Pads, Mesa, Arizona — Westwood also in October purchased this asset which consists of two pads totaling 10,270 square feet of retail, which is part of a larger center anchored by Albertsons. Other tenants include: Chase Bank, Starbucks, Yogi’s Teriyaki Grill, Grave’s Insurance, Lee Eye Center and Cactus Valley Pools.

McDonald’s Corp. — In a major September deal, Westwood acquired 68 McDonald’s Corp., properties in 28 states in a single bulk purchase comprising more than 3.1 million square feet (71 acres). The deal included two-tenant and four-tenant offerings, as well as a mixture of excess properties including former McDonald’s locations and fully vacant development sites.

Dan Park Village, Mesa, Arizona — Also in September, Westwood purchased the 10,413-square foot retail pad building that was part of a larger center anchored by AJ’s Fine Foods, Ann Taylor’s Loft, Barnes & Noble, Chico’s and Talbots.

Orchard Square Shopping Center, Kennesaw, Ga. — In another September move, Westwood acquired Orchard Square Shopping Center, a 93,222-square foot neighborhood shopping center anchored by a Publix. Tenants there include Harbor Freight Tools, Ralph’s Tavern, Suburban Veterinary, Hong Kong Chinese Restaurant, American Nail Artist, Action Chiropractic Center, Superclips, Mailboxes Unlimited and Accepted Insurance.

Memorial Collection, Houston — In April Westwood purchased this 103,330-square foot neighborhood shopping center anchored by Randalls. Tenants include Walgreens, Jason’s Deli, Sushi Jin, Leslie’s Pool Supply, Gamestop, Jenny Craig, Chicago Title, TGF Haircutters and We Frame It.