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Westwood Financial Corp. Purchases Trophy Neighborhood Shopping Center for $15,525,000 Million

1/11/02
SCOTTSDALE, Arizona – Westwood Financial Corp. has purchased Terravita Marketplace, a 102,733 square-foot neighborhood shopping center located in north Scottsdale, Arizona, for $15,525,000.  Terravita Marketplace is located at the southwest corner of Carefree Highway and Scottsdale Road, adjacent to the Terravita Golf Course and the Boulders Resort, in exclusive north Scottsdale. 

Terravita Marketplace is currently 100% occupied and is anchored by Albertsons and Walgreens.  Inline shops include national tenants Blockbuster Video, Subway, State Farm Insurance, Mailboxes, Etc., TCBY/Mrs.Field’s, and Coldwell Banker (Pinnacle Peak Realty).  Wells Fargo occupies a pad building, which was also part of the investment.

“We are very excited about this purchase.  The investment provides a unique opportunity to acquire a class A trophy property in a premier trade area.  National retailers and franchisees are naturally attracted to the property’s first class aesthetic appeal and high-end demographics.” said Joe Dykstra, Executive VP at Westwood Financial. 

The property was purchased from The Pederson Group, of Phoenix, Arizona.  Jan Fincham and Pat Dempsey of Lee & Associates, Phoenix, represented both Buyer and Seller in the transaction.

Westwood Financial Corp., a commercial real estate investment firm, is headquartered in Los Angeles and through a series of limited partnership owns and operates more than 100 properties throughout the Western United States with large holdings in the Los Angeles, Phoenix and Denver areas.

For more information, please contact:

Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com