back

Westwood Financial Sells Arizona Property for $2,385,000

2/4/02
LOS ANGELES, California – Westwood Financial Corp. sold a 19,848 square-foot retail center located in Phoenix, Arizona at the southeast corner of Indian School Road and 67th Avenue for $2,385,000.  The property was sold to Jamal Hamadah, an individual residing in Arizona with various land holdings and owner of a small jewelry store chain throughout Arizona.  The property was 99% occupied at the close of escrow and is shadow-anchored by Fry’s Supermarket which occupies 82,839 square feet. 

The Buyer was represented by George Namie of MacLellan & Namie, a Phoenix-based company, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This sale is consistent with our business plan of disposing of our smaller assets and trading the equity vis-à-vis tax-deferred exchanges into larger shopping centers.  We recently acquired the Albertsons and Walgreens anchored Terravita Marketplace from The Pederson Group of Phoenix, Arizona,” said Joe Dykstra, Executive V.P. at Westwood Financial Corp.  “The property’s location in North Scottsdale and the anchor tenants made this property a perfect fit for our current business plan.  We continue to be very interested in neighborhood shopping centers in Phoenix.”

Westwood Financial Corp. is currently offering 19 of its shopping centers for sale and has recently added several more properties from its portfolio to its disposition list of properties, and hopes to close about $100 million in acquisitions by year-end.

Westwood Financial Corp., a leading real estate investment company founded in 1970, is located in Los Angeles, California and owns and operates retail properties throughout the western states.    

For more information, please contact:

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