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Westwood Financial Corp. Acquires 1st Bay Area property: $13.875 Million Marina Village Shopping Center

9/9/04
ALAMEDA, CALIFORNIA – Westwood Financial Corp. has acquired Marina Village Shopping Center, an Albertson’s and Longs Drugs Store-anchored neighborhood shopping center.  The property is one of two grocery anchored shopping centers on the island of Alameda, a San Francisco suburb.  Located near the intersection of Marina Village Parkway and Constitution Way, Marina Village Shopping Center includes the following national tenants: Allstate Insurance, Baskin-Robbins, Comcast, Curves for Women, Edward Jones, Fantastic Sams, H&R Block, RadioShack, Round Table Pizza, Red Wing Shoes, Subway, The UPS Store, U.S. Bank and Wells Fargo Bank.   Albertson’s and Longs Drugs Store were not included in the sale.

Marina Village Shopping Center was developed in 1988. The property was purchased from a joint venture between Ohio STRS and Vintage Properties.  Kevin Van Voorhis, Andy Zighelboim and Scott Kinsey of Colliers International represented the Seller in the transaction.

“The purchase of Marina Village Shopping Center is Westwood Financial Corp.’s first shopping center in the Bay area after many years of looking,” said Joe Dykstra, Executive Vice President of Westwood Financial Corp.  “We would like to build a portfolio of at least 10 or more properties in the area.  The Bay Area is an excellent fit for our portfolio, given its close proximity to our headquarters in Southern California.”   Westwood Financial Corp. already has a presence in Northern California with 3 properties in the Sacramento area.

The acquisition of Marina Village Shopping Center is consistent with Westwood Financial Corp.’s program of acquiring institutional quality grocery-anchored shopping centers in the Western United States, Texas and Florida.  Westwood Financial Corp. currently owns shopping centers in California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Texas.  Westwood Financial Corp.’s recent acquisitions include 5 grocery anchored centers in California, 2 grocery anchored centers in Texas, 5 grocery anchored centers in Arizona and 5 grocery anchored centers in Colorado for a total of 17 acquisitions over the past 3 years.  Westwood Financial Corp. has the ability to purchase all-cash and close in thirty days.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix and Sacramento and owns and operates more than 80 properties throughout the Western United States.

For more information, please contact:

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