{"id":1004179498,"date":"2017-06-08T05:15:24","date_gmt":"2017-06-08T13:15:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179498"},"modified":"2022-12-08T19:47:40","modified_gmt":"2022-12-09T03:47:40","slug":"westwood-sells-phoenix-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westwood-sells-phoenix-area-retail-center\/","title":{"rendered":"Westwood Sells Phoenix-Area Retail Center"},"content":{"rendered":"<p>By Evelina Croitoru<\/p>\n<div id=\"attachment_1004179507\" style=\"width: 348px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179507\" data-attachment-id=\"1004179507\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westwood-sells-phoenix-area-retail-center\/16-149-sale-of-tatum-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg\" data-orig-size=\"1000,667\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;14&quot;,&quot;credit&quot;:&quot;david huff photography&quot;,&quot;camera&quot;:&quot;Canon EOS 6D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1488481159&quot;,&quot;copyright&quot;:&quot;david huff photography&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;1.3&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"16-149 sale of Tatum Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg?w=1000\" class=\"wp-image-1004179507 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg\" alt=\"Tatum Plaza\" width=\"338\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/16-149-sale-of-Tatum-Plaza.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 338px) 100vw, 338px\" \/><\/a><p id=\"caption-attachment-1004179507\" class=\"wp-caption-text\">Tatum Plaza<\/p><\/div>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/westwood-spins-two-thirds-of-its-holdings-into-new-streamlined-entity\/\">Westwood Financial Corp. <\/a>has disposed of Tatum Plaza, a 29,460-square-foot retail center in Cave Creek, Ariz., for $9.5 million. Cushman &amp; Wakefield\u2019s Ryan Schubert and Michael Hackett represented both the seller and the buyer, SWC 28<sup>th<\/sup> and Peoria Investors LLC.<\/p>\n<p>Located at 29455 N. Cave Creek Road, the center shadow-anchored by Fry\u2019s Food &amp; Drugs was almost at full occupancy at the time of the deal with a tenant mix of 15 national and local retailers. The property is strategically located within Tatum Ranch Master Planned Community, serving as the dominant neighborhood shopping center for residents and local businesses in the region.<\/p>\n<p>Westwood acquired the property back in 2014 and brought the asset to 97 percent occupancy, increasing the property\u2019s net operating income and driving strong cash flow for investors.<\/p>\n<p><em>\u201cOur niche strategy of investing in grocery-anchored, necessity retail centers in the top metropolitan markets throughout the nation enabled us to identify and deliver tremendous value for this asset. We recognized the potential of this center and submarket early on, and seized the opportunity to lease up the existing vacancies and diversify the center with quality tenants. In doing so, we were able to add significant value and achieve competitive returns in a short period of time<\/em>,\u201d Joe Dykstra, co-CEO of Westwood Financial, said in prepared remarks.<\/p>\n<p>According to Westwood co-CEO\u00a0Randy Banchik, the sale mirrors the success of the company\u2019s investment platform, as well as ability to reposition and stabilize retail centers to generate steady risk-adjusted returns for investors.<\/p>\n<p><em>Image courtesy of\u00a0Westwood <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tatum Plaza, a retail center shadow-anchored by Fry\u2019s Food &amp; Drugs, traded for $9.5 million. Westwood acquired the property in 2014 and increased the asset\u2019s net operating income by filling the center with high-profile tenants. <\/p>\n","protected":false},"author":1055,"featured_media":1004179507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,21749,15],"tags":[32799,36012,36011],"class_list":["post-1004179498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-retail","category-west","tag-cushman-wakefield","tag-joe-dykstra","tag-westwood-financial-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Westwood Sells Phoenix-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westwood-sells-phoenix-area-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westwood Sells Phoenix-Area Retail Center\" \/>\n<meta property=\"og:description\" content=\"Tatum Plaza, a retail center shadow-anchored by Fry\u2019s Food &amp; Drugs, traded for $9.5 million. 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