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Westwood Financial Corp. Acquires Jewel-Osco Anchored Center in Chicago from GE Real Estate for $23,625,000
07/23/08
Elk Grove Village, IL – Westwood Financial Corp. has acquired Elk Crossing, a 121,507 square foot neighborhood shopping center anchored by a recently renovated Jewel Osco grocery store. The shopping center is located on the northwest corner of Biesterfield Road and Arlington Heights Road in the mature, northwest Chicago suburb of Elk Grove Village. Tenants at Elk Crossing include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC. Rick Drogosz of Mid America represented the seller in the transaction.
“We are very excited on the acquisition of Elk Crossing,” said Joe Dykstra, Executive Vice President of Westwood Financial Corp. “The property is anchored by a highly successful Jewel Osco which is the dominant grocery store in Chicago. We look forward to growing our portfolio in Chicago and buying several more properties similar to Elk Crosing in the next few years.”
Elk Crossing is consistent with Westwood Financial Corp’s. business plan of acquiring core, unique real estate assets with irreplaceable locations. Westwood Financial Corp. has acquired over 30 properties in the last 3 years in Florida, Georgia, Texas, Colorado, California, Arizona, and Kansas. Westwood Financial Corp. focuses its acquisition efforts on acquiring either mature suburban neighborhood shopping centers anchored by the #1 or #2 grocery stores in the properties’ MSA or urban-located anchored or unanchored retail properties in major cities.
Headquartered in Los Angeles, Westwood Financial Corp has offices in Phoenix, Dallas and Sacramento and owns and operates more than 90 neighborhood, community and specialty retail shopping centers covering 23 major markets in 13 states. Westwood Financial Corp. is a fully integrated real estate company that acquires, leases, and manages its real estate portfolio.
For more information, please contact:
Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com
Scott Henard, Vice President – Acquisitions
972-998-7373
shenard@westfin.com
www.westfin.com
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