Westwood Sells Phoenix-Area Retail Center
- Jun 08, 2017
Westwood Financial Corp. has disposed of Tatum Plaza, a 29,460-square-foot retail center in Cave Creek, Ariz., for $9.5 million. Cushman & Wakefield’s Ryan Schubert and Michael Hackett represented both the seller and the buyer, SWC 28th and Peoria Investors LLC.
Located at 29455 N. Cave Creek Road, the center shadow-anchored by Fry’s Food & Drugs was almost at full occupancy at the time of the deal with a tenant mix of 15 national and local retailers. The property is strategically located within Tatum Ranch Master Planned Community, serving as the dominant neighborhood shopping center for residents and local businesses in the region.
Westwood acquired the property back in 2014 and brought the asset to 97 percent occupancy, increasing the property’s net operating income and driving strong cash flow for investors.
“Our niche strategy of investing in grocery-anchored, necessity retail centers in the top metropolitan markets throughout the nation enabled us to identify and deliver tremendous value for this asset. We recognized the potential of this center and submarket early on, and seized the opportunity to lease up the existing vacancies and diversify the center with quality tenants. In doing so, we were able to add significant value and achieve competitive returns in a short period of time,” Joe Dykstra, co-CEO of Westwood Financial, said in prepared remarks.
According to Westwood co-CEO Randy Banchik, the sale mirrors the success of the company’s investment platform, as well as ability to reposition and stabilize retail centers to generate steady risk-adjusted returns for investors.
Image courtesy of Westwood