OAK BROOK, IL-Locally-based McDonald’s Corp. has unloaded 68 ofits excess sites in a sale to Los Angeles based Westwood FinancialCorp. The sale price was not disclosed.

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The restaurant giant needed to divest the property to focus moreon the core business, said Richard Frolik, EVP with CB RichardEllis. He and associate Derrick Almassy represented McDonald’s inthe sale.

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The portfolio consisted of 3.1 million square feet of vacant andoccupied property across 28 states, with more than 115,000 squarefeet of buildings. Included in the sale was a two-tenant offeringin Wakefield, MA with McDonald’s and Walgreens on ground leases,and five single tenant offerings including a Boston Market inHolland, OH; Starbucks in Sacramento, CA; Jiffy Lube inIndianapolis; Fazoli’s in Onalaska, WI; and John’s Restaurant inOrange, CA. The remainder of the sites is a mixture of excessproperties including former McDonald’s locations, as well as fullyvacant development sites.

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Westwood has the experience, with a portfolio of about 100shopping centers and retail properties in 23 metropolitan markets.“This portfolio acquisition definitely required some out-of-the boxthinking and should ultimately be a huge success for us,” said JoeDykstra, EVP with Westwood. “We were able to take advantage of thelack of credit in the marketplace for this type of transaction by paying all cash. Our goal is to sell off all of theproperties within the next two to three years.” To continueits work, CBRE has been retained to market 29 of the assets.

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