Westwood Financial Sells Sonora Village Shopping Center for $46.575m

VIZZDA–June 1, 2012 — Sonora Village Shopping Center– a 248,322 SF retail center was sold May 31st, 2012 by Steven Fogel’s Westwood Financial Corp to an investor group including Safeway Holdings of Alberta, CA for $46,575,000 or $187.56 per SF. Primary investors include William Kujat, Ryan Denk, and Robert Mariash. 

The group put $12.925M down and financed $33.65m new debt with Goldman Sachs Commercial Mortgage.  Westwood was previously noticed for trustee sale on the property April 28th, 2010 having defaulted on a $28.7M loan with Wells Fargo CMBS. That deed of trust was modified July 6th, 2010, canceling the auction. Westwood originally purchased the property 11/23/99 for $40,977,600 or $165 per SF ($12,277,600 down/$28.7m debt with Column Financial). 

The seller–represented by Lee & Associates–reports the property was 82% leased at time of sale. The transacted portion of Sonora Village includes 33 retail suites built between 1996 and 2002 on 28 acres.

By:

Hadden Schifman

Managing Director

hadden@vizzda.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s