Westwood Financial Buys Charlotte Shopping Center

Westwood Financial has purchased Eastway Square, a 130,156-square-foot shopping center in Charlotte, N.C., from New Forum Partners. Berkley Capital Advisors arranged the sale.

The property has been under New Forum Partners’ ownership since 2020, when the company acquired Eastway Square from BC Wood Properties for $12.5 million. Atlantic Union Bank originated a $9.3 million permanent acquisition loan for that transaction, according to CommercialEdge information.

Completed in 1991, Eastway Square is anchored by regional supermarket chain Food Lion. The 14.7-acre property is located at 3211 Eastway Drive, at the traffic intersection with Central Avenue and less than 5 miles southeast of downtown Charlotte. The tenant roster includes Ross, America’s Best, Papa Johns, Subway, WingStop, Dental Works and Hibbett Sports.

Eastway Square serves more than 311,000 residents on a 5-mile radius, with an average household income above $112,000. It is one of several grocery-anchored retail properties Los Angeles-based Westwood Financial owns in Charlotte. These include Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center and The Arbors at Mallard Creek.

In today’s retail landscape, developers are increasingly focusing on leveraging location analytics and understanding consumer patterns, so as to create shopping centers that are not only profitable but also integral to the community’s lifestyle.