Highland Creek, N.C. and Ocoee, Fla. — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the centers in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed.
The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.