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Westwood Financial Corp. Acquires $22.6 Million North Scottsdale Shopping Center

5/16/03
Phoenix, Arizona - Westwood Financial Corp. has purchased the Pinnacle of Scottsdale, a neighborhood shopping center anchored by Safeway, located in North Scottsdale, Arizona.  Westwood Financial Corp. completed the all-cash acquisition in less than 60 days.

"The Pinnacle of Scottsdale has been the premier shopping destination for North Scottsdale residents since its opening in 1991.  We are very pleased to have acquired another institutional quality property in Phoenix's most exclusive trade area.  Our acquisition program continues to focus on buying institutional quality grocery anchored properties.  We continue to aggressively pursue additional investments in the Phoenix area and throughout the West, Florida and Texas.", said Joe Dykstra, Executive Vice President of Westwood Financial.

The acquisition is consistent with Westwood Financial Corp's program of buying institutional quality grocery-anchored shopping centers in the Western United States, Texas and Florida.  Westwood Financial Corp. currently owns 81 shopping centers in 8 states, including California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Florida.  Westwood Financial Corp.'s recent acquisitions include the Town Square at Gateway Village, anchored by Albertsons, in Denver, Colorado; Carefree Marketplace, anchored by Home Depot and Fry's, in Phoenix, Arizona; Palizzi Marketplace, anchored by King Soopers, in Denver, Colorado; the Village Center West, anchored by King Soopers, in Denver, Colorado; Willow Run, anchored by Safeway, in Denver, Colorado; and the Eastlake Village Center South, anchored by Vons, in San Diego, California.  Westwood Financial Corp. has the ability to purchase all-cash or assume existing loans and close in thirty days.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix and Sacramento.

For more information, please contact:

Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com