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Westwood Village Properties Up for Sale

October 29, 2002|Jesus Sanchez

One of Westwood Village's largest landlords has put its remaining retail and commercial properties up for sale.

A joint venture that includes real estate investment and management firm Madison Marquette and Credit Suisse First Boston is selling a cluster of properties located primarily along Westwood Boulevard that include about 160,000 square feet of space.

The properties, which are being sold to take advantage of strong demand for urban retail real estate, are expected to sell for at least $70 million, according to people familiar with the sales process.

Madison Marquette, which manages the properties, in recent months has filled some long-standing vacancies along Westwood Boulevard, signing several leases with national chain operations, including Office Depot and Chili's Bar & Grill. Officials with Madison Marquette declined to comment.

Earlier this year, Madison Marquette sold the nearby Westwood Marketplace -- the former Bullock's department store -- to Teachers Insurance and Annuity Assn.-College Retirement Equities Fund for about $75 million.

--Jesus Sanchez

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