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Westwood Financial Sells Southern California Shopping Center for $4,100,000

9/10/03
LOS ANGELES, California – Westwood Financial Corp. sold a 19,568 square-foot convenience retail shopping center located on the northeast corner of Beverly Boulevard and Howard Avenue in Montebello, California for $4,100,000.  The 7-Eleven anchored shopping center was purchased by Daniel & Lisa Ong of Diamond Bar, California.

The Buyer was represented by Paul Krikorian of Charles Dunn Company, while Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This is our tenth disposition of the year and our sixty-sixth of the past five years.  We expect to complete ten more sale transactions by year end.  Our Acquisition plan continues to be the redeployment of our disposition capital through tax deferred exchanges into the acquisition of grocery anchored retail throughout the West and Florida, 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 California, Colorado, Arizona, Texas, and Florida.”

Within the last year Westwood Financial Corp. has acquired nine shopping centers; Palizzi Marketplace anchored by King Soopers in Denver, Colorado; Village Center West Marketplace anchored by King Soopers in Denver, Colorado; Raleys Center, anchored by Raleys Supermarket, in Sacramento, California; Willow Run, anchored by Safeway in Westminster, Colorado; Town Square at Gateway Village, anchored by Albertsons in Denver, Colorado; Eastlake Village Center South, anchored by Vons, in San Diego, California; Carefree Marketplace, anchored by Fry’s Food & Drug and Home Depot, in Cave Creek, Arizona; The Pinnacle of Scottsdale, anchored by Safeway in Scottsdale Arizona; and Cameron Park Place, anchored by Safeway in Sacramento, California.

Westwood Financial Corp., a leading real estate investment company founded in 1970, is an aggressive buyer and is capable of completing acquisitions in 30 days or less.  Westwood Financial Corp. is located in Los Angeles, California and owns and operates 76 retail properties throughout the western states.

For more information contact:

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