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Westwood Financial Sells Arizona Property for $2,850,000

8/27/01
LOS ANGELES, California --Westwood Financial Corp. sold a 16,534 square-foot retail center located in Phoenix, Arizona at the northwest corner of Northern Avenue and 19th Avenue for $2,850,000.  The property was to sold Gary D. Bynum, Trustee of The Gary D. Bynum and Denise M. Bynum Revocable Trust.  The property was 90% occupied at time of transaction and is shadow anchored by Albertson’s Supermarket which occupies 62,863 square feet. 

The Buyer was represented by Greg Furrier of Picor Commercial Real Estate, based in Tucson, Arizona, 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 the equity vis-à-vis tax-deferred exchanges into larger shopping centers.  We recently acquired the Albertsons and Walgreens anchored Terravita Marketplace from The Pederson Group of Phoenix, Arizona,” said Joe Dykstra, Executive V.P. at Westwood Financial Corp.  “The property’s location in North Scottsdale and the anchor tenants made this property a perfect fit for our current business plan.  We continue to be very interested in neighborhood shopping centers in Phoenix.”

Westwood Financial Corp. is currently offering 19 of its shopping centers for sale and has recently added several more properties from its portfolio to its disposition list of properties, and hopes to close about $100 million in acquisitions by year-end.

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:

Phillip Duke (310-820-5443)

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