Westwood Financial Corp. (WFC), one of the largest privately held owner-operators of grocery-anchored retail properties in the United States, announced the sale of Arrowhead Plaza, located at 20165 N. 67th Avenue in Glendale, Arizona, for $14 million. The buyer, Arrowhead Plaza, LLC, owns the adjacent center.
The 84,590-square-foot retail center was acquired in 1994 as a part of WFC’s strategy to geographically diversify its portfolio. Now, with the local market in full recovery, WFC decided to sell the center and reinvest the equity generated from the sale in other target markets.
“The Greater Phoenix metro market has fully recovered, and properties are selling at pre-recession values,” said Joe Dykstra, executive vice president of WFC. “As a result, we felt that after owning Arrowhead Plaza for over 20 years, it was a good time to redeploy the capital into a larger property, likely in other key markets nationwide.”
Developed in 1989, Arrowhead Plaza features national tenants such as 99 Cents Only Stores, Ace Hardware, Tuesday Morning and Firehouse Subs. The 21-unit retail center was 95 percent leased at the time of sale.
Jan Fincham and Patrick Dempsey of Lee & Associates represented WFC in the transaction. The buyer was represented by George Albert of Investment Concepts, Inc.