NORTHBROOK, IL-Westwood Financial Corp. has purchased the 136,219-square-foot Sanders Court Shopping Center here from Sandee LLC for $22 million. The Dominick’s-anchored property at 4109 Dundee Rd., built in 1972 and remodeled in 2007, is 99% leased.
Joe Dykstra with Los Angeles-based Westwood tells GlobeSt.com that though the firm has been focusing lately on a distressed purchase plan, this deal is another for the company for a well-located, grocery-anchored property. “People still have to eat and get their nails done, these are still very good properties to own,” he says.
The company has been buying up similar properties across the country, including the recent purchase of the 86,267-square-foot, 99% leased McCrimmon Corners center in Morrisville, NC in July and 101,000-square-foot, Hy-Vee-anchored Applewood Centre in Omaha in November. Westwood has a portfolio of more than 100 centers in 24 metropolitan markets.
Dykstra said his firm only has a few pockets where it won’t look at properties, including Michigan and Ohio, but Chicago is a sweet spot. “There’s a lot of infill locations in Chicago, where it’s very hard to develop new. You end up owning property there, you’re protected against competition, and can drive up rents, cash flow and value. It’s like the opposite of Las Vegas or Phoenix, where there’s not a lot of infill, in Chicago you can invest in a property that can’t easily be replaced.”
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