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Westwood Financial Corp. Closes On 2nd Dallas Property: Old Town Shopping Center

2/19/04
DALLAS, TEXAS – Westwood Financial Corp. has announced the acquisition of Old Town Shopping Center, one of Dallas’ premiere shopping destinations.  The acquisition of Old Town is Westwood Financial Corp.’s second in the Dallas area, after the Los Angeles-based firm purchased Las Colinas Plaza in December 2003.  Old Town is a 265,168 square foot community shopping center located at the northeast intersection of Greenville Avenue and Lovers Lane.  Old Town is anchored by Michaels, Cost Plus World Market, Borders Books & Music, PETsMART (under construction) and a Flagship Tom Thumb supermarket.

“Old Town Shopping Center has been the dominant open air shopping center in north Dallas for over 30 years” said Joe Dykstra, Executive Vice President of Westwood Financial Corp.  “Old Town benefits from a unique combination of high daytime population and traffic, and proximity to the Park Cities, SMU, and The Village, one of Dallas’ most successful multi-family developments.  Westwood Financial Corp. will continue to seek out institutional quality properties in Texas, Florida and throughout the West.”

Westwood Financial Corp. purchased Old Town Shopping Center from Lincoln Property Company, who along with the Caruth family, has owned and managed the property since it was developed in 1970.  Lincoln Property Company will continue to manage the property under Westwood Financial Corp.’s ownership.

The acquisition of Old Town Shopping Center is consistent with Westwood Financial Corp.’s program of acquiring institutional quality grocery-anchored shopping centers in the Western United States, Texas and Florida.  Westwood Financial Corp. currently owns shopping centers in California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Texas.  Westwood Financial Corp.’s recent acquisitions include Las Colinas Plaza, anchored by Tom Thumb, in Irving, Texas; Cameron Park Place, anchored by Safeway, in Sacramento, California; The Pinnacle of Scottsdale, anchored by Safeway, in north Scottsdale, Arizona; Carefree Marketplace, anchored by Home Depot and Fry’s, in Phoenix, Arizona; and Village Center West, anchored by King Soopers, in Denver, Colorado.  Westwood Financial Corp. has the ability to purchase all-cash and close in thirty days.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix and Sacramento and owns and operates more than 84 properties throughout the United States.

For more information, please contact:

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