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Westwood Financial Buys Elk Crossing for $24M

ELK GROVE VILLAGE-The Los Angeles-based company is purchasing the 121,000-sf shopping center.

By Cari Brokamp | Updated on August 22, 2008

ELK GROVE VILLAGE-Westwood Financial Corp., based in Los Angeles, has purchased Elk Crossing, a 121,000-sf shopping center here for $23.6 million. The shopping center was sold by an affiliate of the General Electric Pension Trust, advised by GE Asset Management Incorporated. The center, at Biesterfield Road and Arlington Heights Road, is anchored by a recently renovated Jewel-Osco.

Other tenants include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC, as well as LaSalle Bank, McDonald’s, and Pizza Hut in freestanding locations and outlots of the center. Mid-America Real Estate Corp. principal Rick Drogosz represented the seller and buyer in the deal. Drogosz says the buyer does not plan to make any significant changes to the center.

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