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Westwood Financial Corp. purchases Palizzi Marketplace for $12,600,000 Million

6/21/02
DENVER, Colorado – June 21, 2002 – Westwood Financial Corp. has purchased Palizzi Marketplace, a 95,881 square foot neighborhood shopping center located in Brighton, Colorado, a rapidly growing suburb 10 miles northeast of Denver.  

Palizzi Marketplace is currently 100% occupied and is anchored by a 65,000 square foot King Soopers, the dominant grocery chain in Colorado.  Developed in 2000 by Jim Sullivan, Palizzi Marketplace is also home to national retailers Blockbuster Video, H & R Block, State Farm Insurance, Subway, Starbuck’s and Domino’s Pizza. 

“We are thrilled about the opportunity to buy an institutional quality shopping center with the best grocer in town in an explosive market.  The housing starts in Brighton are incredible, with estimates of 18,000 new homes in the next 10 years,” said Joe Dykstra, Executive at Westwood Financial Corp.  “Brighton’s convenient location, versatility of access, and affordable housing market has fueled robust growth in the area.”

The acquisition was used to complete a 1031 tax deferred exchange and is consistent with Westwood Financial Corp’s business model of disposing of it’s non-core assets and re-investing the equity into larger, institutional quality grocery anchored shopping centers.  Westwood Financial Corp. continues to seek grocery anchored shopping centers to purchase in Colorado, Arizona, Washington, Oregon, Nevada, and throughout California.

The property was purchased from Brighton Marketplace LLC.  Paul De Cresentis of De Paul Real Estate Investment Group represented the seller in the transaction.

Westwood Financial Corp., a commercial real estate investment firm, is headquartered in Los Angeles and through a series of limited partnership owns and operates more than 90 properties throughout the Western United States with large holdings in the Los Angeles, Phoenix and Denver areas.

For more information, please contact:

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