“Our core business is to acquire centers that are anchored by the number one or number two grocers in the market, and Atascocita Center fits our criteria,” says Scott Henard, vice president of acquisitions. “Additionally, it is well-located with good visibility in a high growth area.” Moreover, Westwood Financial expects to create added value through leasing up Atascocita Center’s vacant and under-leased space, he adds.

Atascocita Road has traffic counts of more than 28,810 cars per day, while the Atascocita area was the second most notable high-growth area in the US for 2009, according to research firm Gadberry Group. Since 2000, households grew 108% from 11,475 to 23,917, and average household income grew from $79,054 to $99,272, placing Atascocita third for income growth. The area is forecast to experience population growth of 18.66% in the one-mile radius over next five years.

To date, Westwood Financial has invested about $100 million and expects to close on another $40 million to $50 million worth of acquisitions, Henard says. He tells GlobeSt.com the firm is under contract to acquire grocery-anchored centers in Georgia and Nebraska.

With the acquisition of Atascocita Center, Westwood Financial now owns 17 shopping centers in the Lone Star State. Across the US, the firm owns and operates more than 100 shopping centers.

Regency Centers was represented in the sale by George Cushing, executive vice president, and Wendy Vandeventer, vice president, both with Grubb & Ellis Co.’s investment sales group in Houston.