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Westwood Financial Sells San Fernando Valley Property for $5,900,000

5/16/02
LOS ANGELES, California – Westwood Financial Corp. sold a 42,616 square-foot convenience retail center located in Northridge, California near the southwest corner of Devonshire Street and Balboa Street for $5,900,000.  The property was sold to Devonshire Capital Group, a Limited Liability Company based in Los Angeles California.

The Buyer was represented by Kevin Hakimian of Paramount Rodeo, while 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.”

This sale was the sixth this year from Westwood Financial Corp.’s portfolio, totaling $13,280,000 in dispositions year to date.  Westwood anticipates closing escrow on the sale of another San Fernando Valley shopping center by the end of the month as well as an additional $34 million of assets by year end.

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

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