The $38.38 million asset transfer, which closed Monday, comes on the heels of a four-year effort by Branch Properties to overhaul the center, attract a new mix of tenants, and bring Westridge Square to fully leased status.
The multi-million-dollar renovation and reconfiguration of the 182,000-square-foot shopping center was highlighted by the addition of Sprouts Farmers Market, a supermarket chain headquartered in Phoenix. The upscale grocer moved into the 30,524-square-foot space previously occupied by Harris Teeter.
Reconfiguring Westridge Square also involved downsizing the Kohl’s department store—one of the first Kohl’s in the U.S. to transition to a smaller footprint—to make room for Planet Fitness.
“Westridge Square was a smart investment for Branch Properties because it is great real estate in a strong Southeastern market,” said Brett Horowitz, vice president and asset manager. “We had tremendous success with the redevelopment of Battleground Village, and so we knew the corridor was ripe for renovation. We enjoy doing business in the Greensboro community and look forward to investing in the Triad again in the future,” Horowitz said.
Westridge Square changes hands / 2 Located at Battleground Ave. and Westridge Road, the center also includes seven outparcel buildings, bringing the total square footage to approximately 215,000.
Berkley Capital Advisors represented Branch Properties in the transaction.