Westwood Financial
Westwood Financial, founded in 1970, manages over 125 shopping centers and 9.5 million square feet of retail space, with a focus on high-quality, grocery-anchored properties in major U.S. metropolitan markets.
Company History
Westwood Financial was founded in 1970 and has been delivering consistent results for over 50 years. The company has grown substantially, managing a large portfolio that includes over 125 shopping centers across major U.S. metropolitan markets such as Atlanta, Charlotte, Dallas, Denver, Jacksonville, Los Angeles, Orlando, Phoenix, and Raleigh.
Services
Westwood Financial is a fully integrated owner/operator specializing in high-quality retail shopping centers. The company handles portfolio management of more than 9,500,000 square feet of retail space, involving significant transactional activity, including a history of 400 asset transactions totaling $4 billion. Additionally, the company focuses on executing new leases, renewals, and capital recycling programs.
Investment Strategy
Westwood Financial focuses on acquiring quality open-air retail centers, mostly grocery-anchored, in growth states. The company targets grocery-anchored centers priced between $15 to $50 million, strip centers priced from $8 to $15 million, and single-tenant net lease properties priced between $2 to $10 million. Their properties are mainly anchored by top-tier grocers and experiential-based operators, offering cash-on-cash gains of 7%+ and total returns of 12-15%.
Locations and Offices
Westwood Financial's corporate headquarters is located at 10877 Wilshire Blvd, Suite 1105, Los Angeles, CA 90024. The company also has regional offices situated in Scottsdale, AZ; Dallas, TX; and Kennesaw, GA. These strategic locations allow the company to effectively manage and expand its diverse portfolio.
Financial Performance and Highlights
In the first quarter of 2024, Westwood Financial achieved substantial milestones, including executing 15 new leases totaling 25,000 square feet and 47 renewals totaling 193,000 square feet. The company achieved a total leased percentage of 96.8%. Additionally, Westwood Financial’s comparable new rent spreads were 18.4%, and renewal rent spreads were 8.9%. The capital recycling program has also been highly effective, resulting in sales exceeding $300 million over the past five years.