Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, announced the acquisition of the Avondale Fiesta shopping center for $7.6 million. The Kroger shadow-anchored center is 34,129 square feet and is located at 11435 West Buckeye Road in Avondale, Arizona, in the greater Phoenix area.
Avondale Plaza will bolster WFC’s portfolio in the Western region where the firm already owns and operates 50 retail properties, 15 in the Phoenix metro region alone. The property is currently 81 percent leased and includes national retailers such as Starbucks, Subway, Domino’s Pizza, The UPS Store, Great Clips, and Fry’s Food Stores, a Kroger company that is dominant in the Arizona market.
“Avondale Fiesta’s prime location in this Phoenix suburb has the potential to be 100 percent leased within 18 months,” said Joe Dykstra, executive vice president of Westwood Financial Corp.
Avondale Fiesta was built in 2004, and is located one mile from Interstate 10. WFC plans to optimize the space through lease-up strategies to draw high profile, national tenants to the shopping center.
WFC represented itself in the transaction; and Marcus & Millichap represented the 12 entities selling Avondale Fiesta.