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Westwood Financial Sells another San Fernando Valley Property for $1,450,000

8/28/01
LOS ANGELES, California -- Westwood Financial Corp. sold an 8,566 square-foot retail center located in North Hollywood, California at the northwest corner of Laurel Canyon Boulevard and Oxnard Street for $1,450,000.  The property was 100% occupied at time of transaction and is anchored by 7-Eleven, which occupies 2,484 square feet.  The property was sold to Kamran Shooshani, of Los Angeles Calif., who in 1998 also purchased from Westwood Financial Corp. the shopping center on the southeast corner of Wilshire Blvd. and McCarthy Street, in Los Angeles.

The Buyer was represented by Allen Aghai of Extar Realty, also based in L.A., 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 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