OMAHA, Neb. – March 20, 2014 – (RealEstateRama) — Westwood Financial Corp., a national owner-operator of shopping centers, has announced the expansion and remodel of Hy-Vee supermarket at its Applewood Centre, located at 9765 Q Street in Omaha, Neb.
Hy-Vee operates 236 stores throughout the Midwest and ranks among the top 25 supermarket chains in the United States.
The current 60,000-square-foot store will be expanded by 10,500 square feet to accommodate a new in-store restaurant, pharmacy drive-thru and wine & spirits store. Interior enhancements will be visible throughout the store, with a notable update to the Asian and Italian sections of the store. Exterior improvements will include a remodeled front fascia and walkway and expanded customer parking.
“It has been a pleasure to work with Hy-Vee to accommodate this expansion,” said Kenneth Loughran, senior vice president of Westwood Financial Corp. “The upgraded and remodeled store will not only give Hy-Vee a more contemporary look inside and out, but it will also drive additional traffic to the center, which is a benefit for existing tenants and an incentive to business owners interested in starting or expanding businesses at Applewood.”
According to Loughran, Applewood Centre has successfully operated as a Hy-Vee-anchored shopping center for over 20 years, consistently maintaining a high tenant retention rate. He noted that the dense single and multi-family subdivisions surrounding the center provide a strong customer base, while also limiting future retail development.
“This, in combination with its central location to multiple office and light-industrial parks, makes Applewood a valuable asset to the community,” Loughran said. “Hy-Vee sees these improvements as an opportunity to provide customers a better array of services in an updated and friendly atmosphere.”
Opened in 1983, the center’s first expansion and remodel is expected to be completed in the fall of 2014.
Westwood Financial Corp. is one of the largest privately held owner-operators of retail properties in the U.S., with a track record spanning 44 years. Based in Los Angeles with offices in Atlanta, Dallas and Scottsdale, Ariz., the firm currently has a portfolio consisting of more than 115 shopping centers and retail properties in 26 metropolitan markets. Founded in 1970 by Steven Fogel and Howard Banchik, the firm has evolved into a fully integrated real estate company that acquires, leases, and manages its real estate portfolio. The firm implements an acquisition strategy that focuses primarily on mature neighborhood, grocery anchored shopping centers with portfolio holdings in Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Nebraska, Nevada, New Mexico, New Yo rk, North Carolina, South Carolina, Texas, and Washington. For more information, please visit www.westfin.com.