LOS ANGELES-Westwood Financial Corp. has sold 28 former McDonald’s Corp.-owned properties across the country, part of a 68-asset portfolio the company bought in September 2010. Westwood, which sold the properties in one-off transactions, is currently under contract to sell seven of the remaining 40, while working on letters of intent for 11 more and marketing the remaining 22.

The 28 assets that were sold span 20 states and include a mixture of former McDonald’s restaurant locations, non-restaurant locations, vacant buildings and land. The properties sold for prices between $50,000 and $3.6 million.

Westwood EVP Joe Dykstra said that the remaining locations include several in very strong markets. “We now expect to have the entire portfolio sold by 2Q 2012,” Dykstra said.

Westwood bought the 28-state, 68-property portfolio in a single bulk purchase comprising more than 3.1 million square feet on 71 acres. The company is ahead of schedule in implementing its exit strategy on this deal, and “continuing to look for similar deals as part of its plan to purchase $100 million-worth of small, distressed strip centers and value add projects,” Westwood said in an announcement regarding the recent sales.

Remaining assets in the portfolio include a current Starbucks property in Sacramento, a Fazoli’s restaurant in Onalaska, WI with 15 years in term remaining, and a vacant former McDonald’s building in Fort Lauderdale, FL. Additionally, there are former Boston Market buildings in Clovis, CA and in Calumet City, outside of Chicago.

Of the 28 sold properties, some of the highlight deals included a 16,700-square-foot Walgreens with a 20-year lease remaining in Boston, a Jiffy Lube in Indianapolis, an occupied building in Orange, CA and vacant buildings in Tampa, FL; Old Forge, NY and Greeneville, TN. Sales of vacant land were completed in West Chester, OH; New Orleans and Los Angeles.