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Westwood Financial Sells a North Hollywood Property for $1,650,000

4/30/02
LOS ANGELES, California – Westwood Financial Corp. sold an 12,527 square-foot convenience retail center located in North Hollywood, California on 12410 Burbank Blvd, just east of Whitsett Avenue for $1,650,000.  The property was sold to RHR Properties, LLC, a Los Angeles based Company. 

The Buyer was represented by Eli Fitlovitz of Paramount Properties 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 eight 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