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Westwood Financial Corp. Sells Three Shopping Centers

7/13/00
Los Angeles, Calif. -- Westwood Financial Corp. today announced the sale of three shopping centers.  The combined transactions have generated $3 million in revenues which will be added to the pool of funds already in place, which Westwood will reinvest vis-à-vis tax deferred exchanges into larger centers already in the acquisition pipeline.

The KARE Family Trust purchased 3,504 sf in Los Angeles at Hollywood Blvd. and Hillhurst Ave. for $1.1 million, and acted as principal in the transaction.  The retail center is anchored by AutoZone. 

Santiago Plaza, a 6,825 sf center located in Anaheim Hills at 2650 N. Santiago Blvd., was purchased for $850,000 by Future Properties of Yorba Linda.  The Buyer acted as principal and was represented by Neal Desai.  

Finally, a 7-Eleven retail center in San Diego with 5,600 square feet of leasable space was sold for $966,000 to a local group of investors who were represented by Anna Santos of First Choice Realty of Chula Vista.  The center, constructed in 1957, is 100% occupied, has a total of five units and is located at the corner of Broadway Blvd. and K St. 

Westwood Financial Corp. acted as principal in each of the transactions and was represented by Joe Dykstra, executive VP.

Westwood Financial is continuing to dispose of its non-core retail properties and reinvest the equity, vis-à-vis 1031 exchanges, into institutional quality grocery- and drugstore-anchored shopping centers throughout major cities in the Western states.  Over the past two years the Company has successfully sold 30 of its retail centers and intends to complete 15 more dispositions prior to year end.

Westwood Financial Corp., a commercial real estate investment company founded in 1970, is located in Los Angeles, Calif. and through a series of limited partnerships owns and operates more than 100 properties.

For more information, please contact:

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