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Westwood Financial Sells San Fernando Valley Shopping Center for $1,550,000

2/21/03
LOS ANGELES, California – February 21, 2003 -- Westwood Financial Corp. sold a 9,008 square-foot convenience retail shopping center located on the southwest corner of Sherman Way Boulevard and Balboa Boulevard in Van Nuys, California for $1,550,000.  The property was sold to Shawn Rabbani of Los Angeles, Calif. 

The Buyer was represented by Kevin Hakimian of Paramount Properties, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This is our second disposition of the year and our fifty-eighth of the past four years.  We expect to complete ten more sale transactions by year end.  Our Acquisition plan continues to be the redeployment of our capital through tax deferred exchanges into the acquisition of grocery anchored retail throughout the West and Florida, priced from $10,000,000 to $30,000,000,” said Joe Dykstra, Executive V.P. at Westwood Financial Corp.  “We are currently pursuing grocery anchored and shadow-anchored shopping center acquisitions in Denver, Phoenix, Dallas, Texas, Florida, Northern and Southern California.”

Within the last year Westwood Financial Corp. has acquired six shopping centers; Palizzi Marketplace anchored by King Soopers in Denver, Colorado; Village Center West Marketplace anchored by King Soopers in Denver, Colorado; Raleys Center, in Sacramento, California; Willow Run, anchored by Safeway in Westminster, Colorado; Town Square at Gateway Village, shadow anchored by Albertsons in Denver, Colorado; and Eastlake Village Center South, shadow anchored by Vons, in San Diego, California.

Westwood Financial Corp., a leading real estate investment company founded in 1970, is an aggressive buyer and is capable of completing acquisitions in 30 days or less.  Westwood Financial Corp. is located in Los Angeles, California and owns and operates 87 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