Westwood Financial Corp. Buys $22 Million Chicago-Area Retail Center
Chicago, IL – August 1, 2011 – (RealEstateRama) — Continuing its streak of recent strategic acquisitions, Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased Sanders Court Shopping Center in Northbrook, Ill., for $22 million. The 136,219-square-foot retail center currently is 99-percent leased and represents another in a string of strong investment opportunities Westwood Financial has seized in recent months.
While Westwood Financial has been seeking out smaller, distressed strip centers as part of its newly expanded value-add platform, the Sanders Court acquisition reflects the company’s ongoing strategy of acquiring strong-performing grocery-anchored shopping centers in key regions.
“This property is well-established within its community and located on a strong intersection of an affluent infill suburb of Chicago,” said Westwood Financial Executive VP Joe Dykstra, noting that this acquisition gives WFC its second center in Illinois. “With vibrant leasing activity through the economic downturn, Sanders Court has maintained impressive historical occupancy with a strong anchor in Dominick’s, which recently upgraded to its lifestyle format and is reporting impressive sales.”
The 28-unit Sanders Court was built in 1972 and remodeled in 2007. Tenants there include Dominick’s, Goodwill, USA Vein Clinics, Fitness 19, Fred Astaire Dance Studio, Butterfield’s, Century 21, Sally Beauty, State Farm Insurance, United Self Defense and Subway. It is located at 4109-4195 Dundee Road.
Seller Sandee LLC was represented by Joe Girardi of Mid-America Real Estate Corporation.
The purchase comes on the heels of similar Westwood Financial acquisitions, including the 86,267-square-foot, 99-percent-leased McCrimmon Corners shopping center in Morrisville, N.C., which Westwood purchased in July.
About Westwood Financial Corp.
Westwood Financial Corp., is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning 40 years. Based in Los Angeles with satellite offices in Atlanta, Dallas and Scottsdale, Ariz., the firm currently has a portfolio consisting of more than 100 shopping centers and retail properties in 24 metropolitan markets. Founded in 1970 by Steven Fogel and Howard Banchik, the firm has evolved into a fully integrated real estate company that acquires, leases, and manages its real estate portfolio. The firm implements an acquisition strategy that focuses primarily on mature neighborhood, grocery anchored shopping centers with portfolio holdings in Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Nebraska, Nevada, New York, North Carolina, South Carolina, Texas, and Washington. For more information, please visit www.westfin.com.
