Westwood Financial Corp. has sold Terravita Marketplace — a 102,733 sq. ft. grocery-anchored retail center in Scottsdale, Ariz. — to Whitestone REIT for $16.1 million in cash. The Phoenix office of Lee & Associates represented Westwood in the sale of the property, located at 34402-34502 N. Scottsdale Road.
“This transaction is the latest in our firm’s overall plan to rebalance our portfolio geographically, as the funds generated here will be reinvested in grocery-anchored properties elsewhere in the U.S.,” says Joe Dykstra, executive vice president with Westwood Financial. “This is a well-performing, Class-A asset in a great North Scottsdale location that will suit Whitestone REIT very well.”
Built in 1997, the retail center is currently 92% leased. Tenants include Albertson’s, Walgreens, The Good Egg, Ultra Cleaners, Bed Mart, Sesame Inn, UPS Store and Wells Fargo.
Westwood Financial retains a strong presence in the Phoenix-Scottsdale market, where it has 14 remaining retail assets. The Los Angeles-based firm is one of the largest owner-operators of shopping centers in the United States.
Westwood Financial’s portfolio includes more than 100 shopping centers and retail properties in 24 metropolitan markets.