McDonald's Slims Down, Sells 68 Sites

Oak Brook, Ill.-based McDonald’s Corporation has unloaded 68 of its excess sites for an undisclosed amount paid entirely in cash. Los Angeles-based Westwood Financial Corporation bought the businesses after the restaurant chain decided to focus more on its core business, which required it to shed some of its ancillary restaurants and vacant property across 28 states.

In addition to former McDonald’s locations, Westwood’s new 3.1 million-square-foot portfolio includes a mix of Boston Market and Starbucks restaurants and an auto-servicing center, Jiffy Lube. Westwood considers the acquisition to be a huge success, according to executive vice president Joe Dykstra. The company already owned about 100 shopping centers and retail properties in 23 metropolitan markets. Westwood plans to sell off all of the properties within the next two to three years, said Dykstra.