The retail sale, the largest single sale for WFC this year, will be used to invest in the firm’s Southeast portfolio
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has sold Sonora Village in Scottsdale, Ariz. for $46.5 million.
“We have sold six of our Arizona properties totaling almost $100 million over the last six months, however it was a difficult decision to sell Sonora considering the quality of the real estate. However as we continue to reshape our portfolio it was an obvious disposition target given the fact we have owned the property for 13 years,” said Westwood Financial Executive VP Joe Dykstra. “We have invested in retail properties in Arizona since 1989 and have owned 33 properties at one time or another in Phoenix and Tuscon and expect to continue to be an active buyer in the state.”
Westwood Financial has bought 26 properties in seven different states over the last three years for both its core and value added acquisition program. “We continue to acquire first tier grocery-anchored properties in major metro markets throughout the U.S., and we are aggressively adding to and expanding our value-add platform,” said Dykstra.
The 33-suite shopping center, built in 1996, is located at 15515-15745 North Hayden Road and is 82-percent leased. Tenants in the 248,322-square-foot center include Best Buy, Staples, Studio Movie Grill, Party City, Aaron Brothers, Peter Piper Pizza, Chase and Wildflower Bread Company.
Westwood Financial was represented by Jan Fincham and Patrick Dempsey of Lee & Associates’ Phoenix office.
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, the firm currently has a portfolio consisting of more than 100 shopping centers and retail properties in 24 metropolitan markets. The firm has evolved into a fully integrated real estate company that acquires, leases, and manages its 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.
For Westwood Financial Corp.Erik Hamilton, ehamilton@hoytorg.comAmy Hanoa, ahanoa@hoytorg.com310-373-0103
Source: Westwood Financial Corp.
STOCKS NEWS EUROPE-Bounce back hopes boost Kingfisher post Q1 - Reuters UK
Shares in Kingfisher rise 2.4 percent, second-top gainers on a rallying FTSE 100, with investors backing the company to bounce back despite the gloomy economic environment, as Europe's biggest home improvements retailer posts a steep fall in first-quarter profits.
Against tough comparatives, the firm, which runs the market-leading B&Q chain in Britain as well as Castorama and Brico Depot in France and elsewhere, saw its retail profit fall 8.6 percent to 160 million pounds ($248.5 million) in the three months to April 30, at the bottom end of analyst forecasts.
Seymour Pierce says in a note it has confidence in the management despite uncertainty over the outlook in Kingfisher's two core markets, question marks over its Chinese operation and the lacklustre objective of improving operating profitability by only 300 million pounds over the next five years.
"Earnings will also benefit from significant growth in direct sourcing over the next three years ... and the development of common ranges to all stores and the further expansion of own label," the broker says, adding the stock is fairly rated at 11.2 times 2013 earnings estimates.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, says: "The company's track record of delivering superior returns in tougher times should see it through as the year progresses."
That view is reflected in the performance of Kingfisher's shares, which are up 10.2 percent over the last 12 months and among the top 20 performers on London's blue chip index in the period, comparing with a 5 percent drop on the FTSE 100.
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Reuters messaging rm://david.brett.thomsonreuters.com@reuters.net
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