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SACRAMENTO, CA-A Los Angeles real estate company has acquired the 40-year-old Southgate Plaza retail center from AEW Capital Management Inc. for $24 million, sources at CB Richard Ellis in Sacramento have confirmed. Westwood Financial Corp. purchased the 55-acre center at Florin Road and Franklin Boulevard in a deal that closed last week. The center, anchored by a year-old Albertson’s grocery store, will soon have a new tenant – Wal-Mart. Other tenants include OfficeMax, Ross, Sizes Unlimited and Hometown Buffet.

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

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

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