FINANCE

Westwood Financial Corp. sells retail center in Glendale, Ariz.

BY Staff Writer

Glendale, Ariz. — Westwood Financial Corp. has sold Olive Square, an 86,225-sq-.ft. retail center in Glendale, Ariz., to seller North American Realty Acquisition Corporation for $6.3 million.

“Westwood Financial Corp. owned the shopping center for over 20 years and is continuing to re-balance its portfolio,” said Joe Dykstra, executive VP of Westwood Financial Corp. “Funds generated from our sales are being reinvested in grocery anchored properties elsewhere in the U.S.” Currently Westwood Financial Corp. is under contract on multiple acquisitions spread across the country.

The 92%-leased Olive Square was built in 1974 and remodeled in 2007. Tenants include Fry’s Food & Drug, Leslie’s Pool, Swizzle Sticks, West Olive Family Medicine and Ollie’s Omelet House.

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REAL ESTATE

Abercrombie & Fitch closing 180 U.S. stores by 2015

BY Katherine Boccaccio

New Albany, Ohio — Abercrombie & Fitch CEO Mike Jeffries told analysts during a conference call Wednesday that the teen retailer would close 180 U.S. stores by 2015.

The chain will target underperforming locations for closure, and by shuttering them hopes to boost image and profits. Specific stores slated for closure have not yet been announced.

Last year, Abercrombie & Fitch closed 71 U.S. stores. But its international presence continues to grow. In Europe, it has opened five namesakes and 29 Hollister stores since 2007. In December, it opened its first Singapore store and made its China Hollister debut, in Hong Kong, in August. A third Chinese location is slated to open in March.

"We see growing awareness and familiarity with our brands in China as a major opportunity," said Jeffries.

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FINANCE

Nordstrom Q4 profit up 1.7%, to open 15 stores in 2012

BY Katherine Boccaccio

Seattle — Nordstrom reported Thursday that net earnings for the quarter ended Jan. 28 rose 1.7% to $236 million, compared with $232 million in the year-ago period.

Sales rose 12.5 % to $3.17 billion, and same-store sales increased 7.1%. Nordstrom Rack sales rose 17.7% in the quarter, to $85 million.

For the full year, total net sales were $10.5 billion, representing the highest in the company’s history. Net earnings were up 11.4% to $683 million, compared with $613 million a year earlier.

Nordstrom has announced plans to open one full-line department store – at City Creek Center in Salt Lake City, in March — as well as 14 Nordstrom Rack stores in fiscal 2012.

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