Morrisville, NC – July 18, 2011 – (RealEstateRama) — Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., has purchased McCrimmon Corners, an 86,267-square-foot retail center in Morrisville, N.C., from seller Crosland. The acquisition of the center falls in line with Westwood Financial’s strategy to use funds from numerous 2011 dispositions to invest in Southeastern markets.
“This acquisition perfectly fits into what Westwood Financial Corp., is looking to accomplish in the Southeast,” said Joe Dykstra, executive vice president of Westwood Financial Corp. “The success of McCrimmon Corners is based on very high daytime populations and the fact that it is the grocery-anchored center closest to the Research Triangle. Additionally, with Harris Teeter as its anchor, this center boasts the most desirable grocery-anchored tenant in the Carolinas.”
The 18-unit, 99-percent leased McCrimmon Corners was built in 2005 and located at 4093 Davis Dr. Along with Harris Teeter, tenants include Tossed Salads, Taekwondo Academy, Nikos Taverna, Saffron Indian Food Restaurant, Two Guys Grille, Subway, AT&T, Great Clips, State Farm and Red Dragon.
Westwood Financial will utilize a hold strategy on the property, which is located in an area of high residential growth. Crosland was represented by Rob Carter of Berkley Capital Advisors.
About Westwood Financial Corp.
Westwood Financial Corp., is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning 40 years. Based in Los Angeles with satellite offices in Atlanta, Dallas and Scottsdale, Ariz., the firm currently has a portfolio consisting of more than 100 shopping centers and retail properties in 24 metropolitan markets. Founded in 1970 by Steven Fogel and Howard Banchik, the firm has evolved into a fully integrated real estate company that acquires, leases, and manages its real estate portfolio. The firm implements an acquisition strategy that focuses primarily on mature neighborhood, grocery anchored shopping centers with portfolio holdings in Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Nebraska, Nevada, New York, North Carolina, South Carolina, Texas, and Washington. For more information, please visit www.westfin.com.