back

Westwood Financial Corp. Acquires Highland Plaza Shopping Center for $8,750,000

5/30/06
Overland Park, KANSAS - Westwood Financial Corp. has acquired another grocery-anchored shopping center. Highland Plaza Shopping Center, located in Overland Park at the corner of West 119th Street US-69 (Overland Parkway) is a HyVee-anchored neighborhood shopping center. The tenants in the offering include: Eye Associates, Starbucks, Fantastic Sams, Meyer Music, Pride Cleaners, State Farm Insurance and Tanner's Bar and Grill. Highland Plaza was completed in 1987. The property was purchased from Commercial Ventures. Doug McFadden of CBRE represented the Seller in the transaction.

"The acquisition of Highland Plaza Shopping Center is Westwood Financial Corp.'s first acquisition in the Kansas City Marketplace," said Joe Dykstra, Executive Vice President of Westwood Financial Corp. "This is the first acquisition located within the Johnson County submarket. It provides us with beachhead on one of the fastest growing counties in the United States. We expect to own as many as 10 properties in the area with in 5 years.

Highland Plaza Shopping Center is Westwood Financial Corp.'s 3rd acquisition for 2006. Westwood Financial Corp. has acquired 18 shopping centers in the last 3 years in California, Texas, Arizona, Florida, Georgia, Colorado and Kansas. Westwood Financial Corp. focuses its acquisition efforts on acquiring either mature suburban neighborhood shopping centers anchored by the #1 or #2 grocery stores in the properties' MSA or urban-located anchored or unanchored retail properties in major cities.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix, Dallas and Sacramento and owns and operates more than 80 neighborhood, community and specialty retail shopping centers totaling over 5 million square feet in 10 states. Westwood Financial Corp. is a fully integrated real estate company that acquires, leases, and manages its real estate portfolio.

For general, acquisition, and leasing information for Westwood Financial Corp. please view the website at www.westfin.com.

For more information, please contact:

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