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Westwood Financial Corp. Purchases Community Shopping Center in Sacramento for $23.9 Million

1/16/01
SACRAMENTO, California -- Westwood Financial Corp. purchased Southgate Plaza for $23,900,000.  The 449,738-square-foot community shopping center is located in South Sacramento at the corner of Florin Road and Franklin Boulevard.  The deal, which closed on Thursday, December 21, 2000, was sold by an affiliate of AEW Capital Management, L.P. of Boston, and Massachusetts.

Southgate Plaza is anchored by Albertson's Supermarket, Wal-Mart, Ross Dress For Less, OfficeMax, Jo-Ann Fabrics, Washington Mutual, Albertson’s Express and McDonald's.  Construction is currently taking place at the shopping center to accommodate Wal-Mart, McDonald's and Albertson's Express, which is due for completion this year. 

“Southgate Plaza was originally developed in the early 60s.  It went through some tough times in the 90s and now with the recent addition of Albertson’s, the soon to be completed Wal-Mart, and the façade enhancements we are planning, the shopping center will soon re-emerge as the dominant shopping center in its trade area,” said Joe Dykstra, executive VP at Westwood Financial.  “The seller initiated what is a classic redevelopment situation and we are going to step in and finish the job, completing what we believe is a true renaissance of an important property in its sub-market.  When Wal-Mart opens and the renovation is complete we intend to upgrade the tenant mix to better serve the neighborhood.”

Bill Palmer of CB Richard Ellis in Sacramento represented both the Seller and the Buyer.

Westwood Financial Corp., a commercial real estate investment firm, is headquartered in Los Angeles and through a series of limited partnership owns and operates more than 100 properties throughout the Western United States with large holdings in the Los Angels, Phoenix and Denver areas.

For more information, please contact:

Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com