In the News
Westwood Financial Corp. Sells Scottsdale Retail Center for $16M
The leading owner/operator of shopping centers sells its Terravita Marketplace to Whitestone REIT in an all cash transaction
08/10/2011
SCOTTSDALE, Ariz. - Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., announces the $16.1 million sale of the Terravita Marketplace, a 102,733-square-foot retail center in Scottsdale, Ariz. Lee & Associates' Phoenix office represented Westwood in the sale of the property, located at 34402-34502 North Scottsdale Road. It was purchased by Whitestone REIT.
"This transaction is the latest in our firm's overall plan to rebalance our portfolio geographically, as the funds generated here will be reinvested in grocery-anchored properties elsewhere in the U.S.," said Westwood Financial Executive VP Joe Dykstra. "This is a well-performing Class-A asset in a great North Scottsdale location that will suit Whitestone REIT very well."
Jan Fincham and Pat Dempsey of Lee & Associates Phoenix represented Westwood Financial in the all-cash transaction. The 21-unit, 1997-built asset currently is 92-percent leased. Tenants include Albertson's, Walgreens, The Good Egg, Ultra Cleaners, Bed Mart, Sesame Inn, UPS Store and Wells Fargo.
Westwood retains a strong presence in the Phoenix/Scottsdale market, where it has 14 remaining retail assets.