Westwood Sells Sonora Village for $46M

SCOTTSDALE, AZ-Following a 13-year hold of the 248,322-square-foot Sonora Village, Westwood Financial Corp. sold the retail asset to Sonora Village Investors LLC, an entity formed by Phoenix investors Bob Mariash and Ryan Denk. The Los Angeles seller received $46.5 million for the retail property, which was 82% leased at the time of sale.

Westwood financial executive vice president Joe Dykstra says the asset at 15515-15745 N. Hayden Rd. attracted interest from institutional investors and private buyers alike. It was widely marketed for two weeks, the buyer was selected in a week, and the closing took place 60 days later. Ultimately, because Mariash and Denk had acquired a similar property in Denver, “it gave us confidence they knew what they were getting into, and they showed they were hungry to get the deal done,” Dykstra says.