In the News
Westwood Financial Corp. Acquires 6,336 SF Retail Center in Parker, CO
Purchase of the distressed Stroh Ranch Retail Center in Parker, Colo., is the fifth acquisition toward the owner-operator’s $100 million purchase goal
06/14/2011
PARKER, Colorado — As part of its plan to purchase $100 million-worth of small, distressed strip centers, Westwood Financial Corp. has acquired the Stroh Ranch Retail Center, a 6,336-square-foot property at 12937 S. Parker Road in Parker, Colo. Westwood Financial bought the distressed asset in a short sale and currently is eyeing similar opportunities in this sector.
"Though our principal business continues to be buying core, grocery-anchored centers, the Stroh Ranch acquisition shows our continued commitment to our expanded value-add platform,” said Westwood Financial Executive VP Joe Dykstra, adding that Westwood Financial is seeking additional centers and notes secured by small retail properties, as well as REO opportunities with leasing upside.
“This is the fifth distressed purchase Westwood Financial has made in the past 12 months, and we continue seeking $1 million-$10 million strip centers in good locations,” Dykstra said. “Stroh Ranch meets all those criteria."
Previous Westwood Financial purchases toward the firm’s $100 million goal include the September 2010 portfolio acquisition of 68 former McDonald’s-owned properties located across the U.S. Westwood has also purchased a non-performing note, an REO strip center and an opportunistic investment property from a private individual, all within the last year.
The two-unit, 1999-built Stroh Ranch Retail Center currently counts Pizza Hut as its only tenant after Blockbuster vacated last year, leaving it 21 percent-leased.
“This property has great visibility and a quality shadow anchor in King Soopers,” Dykstra said. “Our intentions are to lease Stroh Ranch up to 100 percent, and we feel confident we can fill the space Blockbuster left in 2010.”
Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has acquired more than 30 properties over the past three years in Florida, Georgia, Texas, Colorado, Arizona, Nebraska, Illinois and Kansas. The firm typically seeks out urban-anchored or unanchored retail properties in major cities.