Westwood Financial Acquires Two Retail Centers In Austin and Phoenix

LOS ANGELES--(BUSINESS WIRE)--Sep 23, 2024--

Westwood Financial, a more than 50-year-old leading retail real estate investment firm based in Los Angeles, today announces the purchase of Trails at 620 in Austin, TX, and Paradise Hills in Phoenix, AZ. Together, the acquisitions comprise a combined 152,824 square feet of premier retail space in two of the nation’s fastest-growing markets. The acquisitions underscore Westwood Financial’s deepening foothold across the Sunbelt region and the continued growth of its portfolio.

"We are excited to add both Paradise Hills in Phoenix, AZ, and Trails at 620 in Austin, TX, to our growing portfolio,” said Mark Bratt, Chief Executive Officer at Westwood Financial. “Paradise Hills is an excellent neighborhood center with its prime location at Shea Blvd and North 32nd Street, anchoring a neighborhood that's undergoing a vibrant revitalization. The property’s near-full occupancy and essential tenant mix offer a stable foundation while still presenting attractive value-add opportunities.”

Located at 32nd St. and Shea Blvd, the 83,787-square-foot Paradise Hills property is an elevated retail shopping center in the heart of Maricopa County, one of the fastest-growing counties in the nation. Currently at nearly 98% occupancy, the property is home to 16 tenants ranging from hardware supplies and a baked artisan bread shop to essential services, including a nail salon, barber shop, and hair salon.

Notable tenants include Ace Hardware, which recently renewed its lease and expanded its store; Phoenix Dogs, a dog boarding and daycare provider that also renewed its lease and renovated its facility; and Pet Supplies Plus, our newest junior anchor at Paradise Hills. These tenants demonstrate the center's stability and desirability. The property is complemented by an adjacent Walgreens, which acts as an anchor for the broader complex.

Since 2018, Maricopa County has expanded by nearly 100,000 residents per year and now accounts for more than half of Arizona’s population with 4.5 million residents, many of whom have household incomes above $138,000.

Trails at 620, a 69,037-square-foot retail center located in the affluent Northwest Austin, Four Points community, is currently 77% leased and offers ample growth opportunity in a supply-constrained submarket. Notable tenants include AT&T, Freebirds World Burrito, Black Rock Coffee, Restore Hyper Wellness, Kale Me Crazy, Mattress Firm, and the European Wax Center, with new leasing prospects in the pipeline. The property is served by a consumer base with over $500 million in consumer spending in a 3-mile radius, and average household incomes in excess of $150,000. Trails at 620 is conveniently positioned along FM 620 with 2,500 feet of visibility and linear frontage along the major roadway, which carries over 25,000 vehicles per day and has the distinction of being the only accessible road within five miles that crosses Lake Austin and the Colorado River.

The Y at Four Points will open at the property in the coming months, significantly contributing to heightened customer demand and increased foot traffic throughout the retail strip. The location will offer an arena for community recreation, with features including a coworking space, makerspace, sportsplex, and outdoor pool.

“Trails at 620, at 77% occupancy, represents a strategic acquisition of a strip center in Austin’s rapidly growing FM 620 corridor,” continued Bratt. “Its high visibility location, affluent demographics, and top-tier school districts make it an ideal addition with significant potential for growth. We are confident that both properties will deliver strong returns and further our commitment to investing in high-quality assets in key markets."

Set to celebrate its 55th anniversary in 2025, Westwood Financial owns and manages more than 125 properties with a 97% occupancy across the firm’s portfolio, and a dominant presence in the Sunbelt region. Other assets in the Phoenix region include Camelback Village, Mercado del Rancho, Legacy Village, and Village Plaza. In Austin, Trails at 620 marks one of the first properties owned by the firm in this market. However, Westwood has a large presence in Dallas, including Old Town Shopping Center, Village at Preston Hollow, and Legacy Ranch.

Mindy Korth and JK Jackson of Colliers (Phoenix) partnered with El Warner and Caitlin Zirpolo of Colliers (Irvine, CA) to represent the seller of Paradise Hills, while Shea Petrick, Chris Gerard, and John Indelli of JLL represented the seller of Trails at 620.

About Westwood Financial

Westwood Financial owns, manages, and operates over 125 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. Top-tier grocers and leading service and experiential-based operators primarily anchor the centers. Established in 1970 by Howard Banchik and Steven Fogel, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240923734586/en/

CONTACT: Matthew Loving

Director of Investor Relations

MLoving@westfin.com

KEYWORD: CALIFORNIA ARIZONA TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES REIT FINANCE

SOURCE: Westwood Financial

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PUB: 09/23/2024 09:30 AM/DISC: 09/23/2024 09:32 AM

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