Last week, Los Angeles-based Westwood Financial Corp. announced it had acquired the 6,336 sq. ft. Stroh Ranch Retail Center in Parker, Colo. The center — 21% leased at the time of the deal — is emblematic of the type of property that Westwood is targeting as it plans to spend $100 million buying small, distressed strip centers.
Westwood purchased the center for an undisclosed price, but paid half of what the property fetched at the peak of the market.
The company seeks retail centers that contain less than 20,000 sq. ft. of gross leasable area (GLA). Westwood has invested $30 million on those types of assets over the last 12 months. With more properties that fit that mold hitting the market, Dykstra thinks the firm may hit its $100 million goal before the end of 2011.
So far, Westwood has acquired five distressed assets as part of the effort and is continuing to seek properties that range in price from $1 million to $10 million.