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Westwood Financial Corporation Sells Southern California Property for $1,100,000
8/8/02
LOS ANGELES, California – Westwood Financial Corp. sold a 5,172 square-foot convenience retail center located in Santa Ana, California at the southwest corner of Seventeenth Street and Main Street for $1,100,000. The property was 100% occupied at the close of escrow and was sold to an existing tenant, Eduardo Plata, who will be operating as an owner/user.
The Buyer acted as principal representing himself, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.
This is our tenth disposition of the year and the twenty-first of the last two years. We expect to complete three more transactions by year end. We continue to sell our smaller assets and trading into larger shopping centers vis-à-vis tax-deferred exchanges. Our Acquisition plan continues to be the acquisition of 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.”
Within the last year Westwood Financial Corp. has added seven shopping centers, Gateway Shopping Center in Mission Viejo, California, Sheridan Crossing in Westminster, Colorado, Terravita Marketplace in Scottsdale, Arizona, Eastlake Village South in Chula Vista, California, Palizzi Marketplace, in Brighton, Colorado, Village Center West Marketplace in Highlands Ranch, Colorado, and Raleys Center, in North Highlands, California to its portfolio. Westwood Financial Corp. is currently offering 13 of its shopping centers for sale.
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
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