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Westwood Financial Sells another Orange County Property for $800,000

2/28/02
LOS ANGELES, California – Westwood Financial Corp. sold a 5,103 square-foot convenience retail center located in Garden Grove, California at the southeast corner of Chapman Avenue and Gilbert Street for $800,000.  The property was sold to Kent Bui of Los Angeles, California. 

The Buyer was represented by Richard Garcia of Marcus & Millichap, 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 vis-à-vis tax-deferred exchanges into larger shopping centers.  Our current acquisition plan is to purchase grocery anchored retail throughout the west, 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, Northern and Southern California.”

Westwood Financial Corp. is currently offering 19 of its shopping centers for sale, and within the last three months has added four shopping centers, Terravita Marketplace in Scottsdale, Arizona, Gateway Shopping Center in Mission Viejo, California, Eastlake Village South in Chula Vista, California, and Sheridan Crossing in Westminster, Colorado, to its portfolio.

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