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Westwood Financial Sells Los Angeles Shopping Center for $2,250,000

5/12/03
LOS ANGELES, California – Westwood Financial Corp. has sold an 8,805 square-foot convenience retail shopping center located on the southwest corner of Eighth Street and Alvarado Street, in Los Angeles, California for $2,250,000.  The property was 100% leased at time of transaction.  The center was purchased by New Redondo Investment Co, LLC of Los Angeles, California. 

The Buyer was represented by James Ahn of Western Investment & Realty Co., while Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This is our fifth disposition of the year and our sixty-first of the past five years.  We expect to complete ten more sale transactions by year end.  Our Acquisition plan continues to be the redeployment of our disposition 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 California, Colorado, Arizona, Texas, and Florida.”

Within the last year Westwood Financial Corp. has acquired seven shopping centers; Palizzi Marketplace anchored by King Soopers in Denver, Colorado; Village Center West Marketplace anchored by King Soopers in Denver, Colorado; Raleys Center, anchored by Raleys Supermarket, in Sacramento, California; Willow Run, anchored by Safeway in Westminster, Colorado; Town Square at Gateway Village, anchored by Albertsons in Denver, Colorado; Eastlake Village Center South, anchored by Vons, in San Diego, California; and Carefree Marketplace, anchored by Fry’s Food & Drug and Home Depot, in Cave Creek, Arizona.

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