Torrance, CA – March 30, 2011 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., announces the opening of a new management office in Atlanta. The move will help Westwood Financial reach its goal of doubling its Georgia retail portfolio over the next five years as the company continues to expand its portfolio through the Southeastern U.S.
“We are pleased to open our fourth regional office in Atlanta, as our company spreads its holdings further in the U.S. and deeper into the Southeast,” said Westwood Financial CEO and Founding Partner Steven J. Fogel. “The expected population growth and overall regional demographics in Georgia bode well for Westwood Financial Corp.’s strategy as we continue to grow.”
Martha “Marti” Stocks, a senior property manager at Westwood Financial, will head up the new office, located in the Main Street at Town Center complex, which Westwood recently purchased. Stocks brings to the company more than 12 years of retail property management experience.
The move comes during a fruitful time for Westwood Financial. The company is coming off one of its biggest years ever, as it finished 2010 with a flurry of significant transactions, highlighted by the acquisition of 68 McDonald’s Corp., properties in 28 states in a single bulk purchase comprising more than 3.1 million square feet (71 acres). The deal included a mixture of excess properties including net leased properties, former McDonald’s locations and fully vacant development sites. In addition, Westwood closed 2010 with two key purchases in the Southeast: The Lynnwood Collection (Raleigh, N.C), an 86,662-square-foot shopping center anchored by Kroger Supermarket, and Main Street at Town Center (Kennesaw, Ga.), a 113,615-square-foot neighborhood shopping center in front of the Town Center at Cobb Mall outside of Atlanta.
The Atlanta office joins Westwood’s other offices in Scottsdale, Az., Dallas and the 40-year-old company’s headquarters in Los Angeles. Over the past five years, the firm purchased 12 shopping centers totaling more than 1 million square feet in the Southeast, including in Georgia, Florida and the Carolinas. In total, the firm currently has a portfolio consisting of more than 100 shopping centers and retail properties in 24 metropolitan markets.
Westwood has acquired more than 30 properties over the past three years in Florida, Georgia, Texas, Colorado, Arizona, Nebraska, Illinois and Kansas. The firm places its acquisitions focus on mature neighborhood shopping centers that are anchored by the No. 1 or No. 2 grocery stores in the respective properties’ MSA. Westwood also seeks out urban-anchored or unanchored retail properties in major cities.
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.
