LOS ANGELES-Westwood Financial Corp. has sold 28 former McDonald’s Corp.-owned properties across the country, part of a 68-asset portfolio the company bought in September 2010. Westwood, which sold the properties in one-off transactions, is currently under contract to sell seven of the remaining 40, while working on letters of intent for 11 more and marketing the remaining 22.
The 28 assets that were sold span 20 states and include a mixture of former McDonald’s restaurant locations, non-restaurant locations, vacant buildings and land. The properties sold for prices between $50,000 and $3.6 million.
Westwood EVP Joe Dykstra said that the remaining locations include several in very strong markets. “We now expect to have the entire portfolio sold by 2Q 2012,” Dykstra said.
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