In the News

BREA, California - Westwood Financial Corp., one of the largest owner-operators of shopping centers in the U.S., takes a step in its strategy of investing in new Southeastern U.S. markets by selling The Brea Center in Brea, Calif. The 56,945-square-foot retail center at 719-96 Brea Blvd., sold to Gerrity Atlantic Retail Partners, LLC, for $14.5 million.

"The property has fared well for Westwood Financial through the years, and while we remain committed to the Southern California market, we see an opportunity to use the capital gained from its disposition to help widen our footprint in the Southeast," said Joe Dykstra, executive vice president of Westwood Financial Corp. "We plan on re-deploying funds from the transaction into new properties in markets such as Georgia, Florida and the Carolinas."

The 1967-built Brea Center, which Westwood Financial owned for 20 years, consists of 20 units and currently is 89-percent leased. Tenants include Vons, Round Table Pizza, Fullerton Community Bank, Subway, Edward Jones, Dollars Count and Shark Sushi. Preston Fetrow of CB Richard Ellis represented Westwood Financial in the transaction.