Westwood Financial Corp. Sells $14.5 Million Southern California Retail Center
Brea, CA – July 11, 2011 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., takes a step in its strategy of investing in new Southeastern U.S. markets by selling The Brea Center in Brea, Calif. The 56,945-square-foot retail center at 719-96 Brea Blvd., sold to Gerrity Atlantic Retail Partners, LLC, for $14.5 million.
“The property has fared well for Westwood Financial through the years, and while we remain committed to the Southern California market, we see an opportunity to use the capital gained from its disposition to help widen our footprint in the Southeast,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “We plan on re-deploying funds from the transaction into new properties in markets such as Georgia, Florida and the Carolinas.
The 1967-built Brea Center, which Westwood Financial owned for 20 years, consists of 20 units and currently is 89-percent leased. Tenants include Vons, Round Table Pizza, Fullerton Community Bank, Subway, Edward Jones, Dollars Count and Shark Sushi. Preston Fetrow of CB Richard Ellis represented Westwood Financial in the transaction.
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.
