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Westwood Financial Corp. Acquires 3rd Dallas Grocery Anchored Shopping Center

31/31/05
DALLAS, TEXAS – Westwood Financial Corp. has announced the acquisition of Village at Preston Hollow, shadow anchored by Albertsons and located in one of Dallas’ most exclusive neighborhoods.  The acquisition of Village of Preston Hollow is Westwood Financial Corp.’s third in the Dallas area, after the Los Angeles-based firm purchased Old Town Shopping Center in February 2004 and Las Colinas Plaza in December 2003.  Village of Preston Hollow is a 87,518 square foot neighborhood shopping center located at the northeast intersection of West Northwest Highway and Midway Road.  The retailers include:  Albertsons/Sav-On Drugs (Not a Part), Aveda Salon, Edward Jones, Honeybaked Ham, Great Clips, Great Earth Vitamins, La Madeleine, Nationwide Insurance, Subway, Starbucks and The UPS Store.

“We are very pleased with the purchase of Village at Preston Hollow.  The property is situated in an area that has significant barriers to entry.  The combination of the areas affluence and the lack of competition make this a property that is truly a one of kind investment for us.” said Joe Dykstra, Executive Vice President of Westwood Financial Corp.   The purchase of Village of Preston Hollow demonstrates Westwood Financial Corp.’s continuing desire to acquire institutional quality properties located throughout the west and in Texas, Florida and Georgia.

Westwood Financial Corp. purchased Village at Preston Hollow from Direct Development, who owned, managed and recently redeveloped the property in 2004.  Direct Development will continue to manage the property under Westwood Financial Corp.’s ownership.

The acquisition of Village of Preston Hollow 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 5 grocery anchored centers in California, 2 grocery anchored centers in Texas, 5 grocery anchored centers in Arizona and 5 grocery anchored centers in Colorado for a total of 18 acquisitions over the past 3 years.  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