Friday, June 1, 2012

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.
Hadden Schifman
Managing Director

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