"We've been second many times and this time we won," Dykstra tells GlobeSt.com. "The shopping center in Sacramento is a natural progression for the company; it gives us a chance to continue diversifying our portfolio."
Albertson's, Ross Dress for Less, OfficeMax and Washington Mutual currently anchor the center, but Westwood is financing an expansion to accommodate Wal-Mart, Albertson's Express and McDonald's. Dykstra anticipates the plaza will re-emerge as the dominant shopping center in the area thanks to façade enhancements, expansion and new big-name tenants.
Construction, which started nine months ago, will be completed by August--Wal-Mart's planned occupancy date. The property is located at the corner of Florin Road and Franklin Boulevard. There is one vacancy, a 100,000-sf space, formerly occupied by Home Base, which will likely be leased out to a back-office tenant, says Dykstra.
The seller was Copley Institutional Investors Fund via AEW Capital Management LP of Boston, a real estate investment advisory firm that was acquired on Copley's behalf in 1988, at which time the property assessed value was $7.59 million. Bill Palmer of CB Richard Ellis in Sacramento represented both sides of the transaction.
Los Angeles-based Westwood Financial Corp. is a commercial real estate advisory firm that operates more than 100 properties throughout the Western U.S. with large holdings in the Los Angeles, Phoenix and Denver areas. AEW currently manages roughly $6.1 billion in capital, which is invested in $9.3 billion of real estate assets and portfolios.
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