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

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

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

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