Westwood Financial Corp. Sells $7.4 Million Retail Shopping Center
Torrance, CA – April 27, 2012 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has sold Pacific Plaza Shopping Center located at 2544-98 South Archibald in Ontario, Calif. for $7.4 million.
“This transaction is the latest in our firm’s overall plan to rebalance our portfolio, as the funds generated here will be reinvested in grocery-anchored properties in the Southeast,” said Westwood Financial Executive VP Joe Dykstra.
The 49,901-square-foot shopping center, built in 1989, was sold to Baldwin Park LLC. It currently contains 22 suites and is 58 percent leased with tenants including 24 Hour Fitness (NAP), Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope.
Alan Kruger of Marcus & Millichap represented Westwood Financial.
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.
