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Westwood Financial Sells Restaurant Outlot in the State of Washington for $1,277,059

6/17/02
LOS ANGELES, California – Westwood Financial Corp. sold a 6,240 square-foot “El Toro Restaurant” outlot for $1,277,059.  The restaurant is a part of a 52,967 square foot Albertsons anchored neighborhood shopping center located at the northeast corner of Pearl Street and North 21st Street in Tacoma, Washington.  The parcel was sold to the existing tenant, Arias, Inc., owner and operator of the El Toro Restaurant, who exercised their first right of refusal clause to purchase the parcel. 

The Buyer was represented by Rex Hoffman of Parkside Realty, 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.  Within the last eight months Westwood Financial Corp. 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