Southgate Plaza, developed in 1960 by James J. Cordano Co. andBlumenfeld Enterprises, is the first purchase in the Sacramentoarea for Westwood Financial Corp. Joe Dykstra, executive vicepresident of Westwood, said his company has come close topurchasing several capital-region shopping centers in recent years,and that Florin Road continues to be the dominant street in a tradearea that is underserved by retailers.

AEW sold the shopping center on behalf of a group of Los Angelesinvestors known as Southgate Florin Associates, which purchased thebuilding from developer Buzz Oates in 1986 for $30 million,according to published reports. A team led by Bill Palmer, seniorvice president at CB Richard Ellis in Sacramento, represented bothWestwood Financial Corp. and AEW in the most recent sale. As partof the deal, Joyce Hancock, who has managed Southgate forapproximately 13 years, will be retained. In addition, the dealincludes the long-vacant Home Base building on Franklin Boulevard,which will become home to a Wal-Mart store.