In the News
Westwood Financial Corp. Makes Another Value-Add Retail Purchase
The leading owner/operator of shopping centers makes another acquisition toward its $100 million value-add program
10/24/2011
TEMPE, Ariz. - Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased the 24,452-square-foot Crossroads of Tempe retail center in the Arizona town. It is the company's latest transaction toward the company's value-add program, to which it has earmarked $100 million in purchases.
"Crossroads of Tempe fits into our strategy to acquire distressed assets in these kinds of markets," said Westwood Financial Executive VP Joe Dykstra, noting that WFC has recently purchased three additional notes and is in the process of foreclosing on each one. "This is the seventh such acquisition we've made in the past 12 months, as we continue seeking $1 million-$10 million strip centers in good locations."
The 2004-built Crossroads of Tempe is at 315-325 W. Elliot Road and is 45-percent leased. With strong national tenants including Chase Bank, Massage Envy and AZ Bread Company as current tenants, Dykstra thinks the property has great lease-up potential.
"This asset has good in-place income with upside and sits at a busy intersection in an in-fill location with dense demographics," Dykstra said.
Westwood purchased the property from CMBS Trust, which was represented by special services LNR Partners. It is the 16th property Westwood owns in the Tempe/Phoenix market and 19th overall in the state.
The acquisition follows Westwood's recent purchase of the Stroh Ranch Retail Center, a 6,336-square-foot property at 12937 S. Parker Road in Parker, Colo.