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| Westwood Financial Corp. purchases Village Center West for $6,750,000 Million
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9/10/02
DENVER, Colorado – Westwood Financial Corp. has purchased a King Soopers shadow anchored retail center for $6,750,000. Village Center West is a 30,394 square foot portion of the Highlands Ranch Village Center located at the southeast corner of University and Highlands Ranch Parkway in Highlands Ranch, Colorado.
Major tenants at Highlands Ranch Village Center include the Kroger-owned King Scoopers Supermarket, Ace Hardware, T.J. Maxx and OfficeMax. The property was constructed in 2001 and is 100% occupied; tenants included in the purchase are Rubio’s, Radio Shack, Key Bank, SCORE!, and Allstate Insurance.
"Highlands Ranch continues to be one of the most successful master-planned residential communities in the U.S., and we are very pleased with the acquisition, making it our fourth acquisition in the Highlands Ranch community,” said Joe Dykstra, executive at Westwood Financial. “We now own portions of three of the five grocery-anchored shopping centers in Highlands Ranch, and we hope eventually to own all the grocery anchored retail properties in the area. Westwood Financial Corp. now owns seven grocery-anchored properties in Denver, including Sheridan Crossing in Westminster, Coal Mine Shopping Center in Littleton, and the recently acquired Palizzi Marketplace in Brighton.”
The acquisition was consistent with Westwood Financial Corp’s business model of disposing of it’s non-core assets and re-investing the equity into larger, institutional quality grocery anchored shopping centers. Westwood Financial Corp. continues to seek grocery anchored shopping centers to purchase in Colorado, Arizona, Washington, Oregon, Nevada, and throughout California.
Westwood Financial Corp., a commercial real estate investment firm, is headquartered in Los Angeles and through a series of limited partnership owns and operates more than 90 properties throughout the Western United States with large holdings in the Los Angeles, Phoenix and Denver areas.
For more information, please contact: Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com
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