Westwood Financial Sells Colorado Retail Center for $11 Million
Lone Tree, CO – July 7, 2011 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has sold the 34,749 square-foot Heritage Hills Shopping Center in Lone Tree, Colo., as part of its efforts to strengthen its strategic investment in new Southeastern U.S. markets. The retail property, located at 9227-9231 Lincoln Ave., was in Westwood Financial’s portfolio for 11 years and sold to Carlisle Properties for $11.4 million.
“We see an opportunity to expand our scope in the Southeast utilizing the capital gained from this transaction,” said Joe Dyksra, executive vice president of Westwood Financial Corp. “While our immediate plans will be to own the anchor space, Westwood Financial will also be re-deploying funds gained from this particular transaction into the Southeast market.”
The 18-unit Heritage Hills Shopping Center was built in 1999 and currently is 96-percent leased. Tenants there include Safeway, Perfect Teeth, Front Range Family Eye Care, Papa Johns, Subway, Heritage Hills Wine & Spirits, Executive Tans Swimwear and Great Clips. Westwood Financial was represented by Cushman & Wakefield’s Patrick Devereaux and Gene Pride in the deal.
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.
