Westwood Sells California Center

by Nate Hunter

ONTARIO, Calif. — Capital from the sale will rebalance portfolio and target Southeastern grocery-anchored centers.

Pacific Plaza in Ontario, Calif., was sold for $7.4 million.ONTARIO, Calif.  — Westwood Financial Corp. has sold Pacific Plaza Shopping Center in Ontario, Calif., for $7.4 million. The buyer was Baldwin Park, LLC.

“This transaction is the latest in our firm’s overall plan to rebalance our portfolio, as the funds generated here will be reinvested in grocery-anchored properties in the Southeast,” said Joe Dykstra, Westwood Financial executive vice president in a press release.

The 49,901-square-foot shopping center was built in 1989 and contains 22 suites which are 58 percent leased. Tenants include 24 Hour Fitness, Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope. Alan Kruger of Marcus & Millichap represented Westwood Financial.

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