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Westwood Financial Corp. Acquires 1st Long Beach property: $22.75 Million Belmont Center

9/13/04
LONG BEACH, CALIFORNIA – Westwood Financial Corp. has purchased Belmont Center, a Ralphs-anchored neighborhood shopping center in Long Beach, CA.  Located near the intersection of Anaheim Street and Redondo Avenue, Belmont Center includes the following national tenants:  Rite Aid, Factory 2-U, Payless Shoe Source, McDonald’s, Quizno’s Subs, Rainbow Clothing and Nix Check Cashing.   Ralphs was also included in the sale.

Belmont Center was initially developed in 1965 & 1970, and underwent an extensive redevelopment in 2002-2003, which included a new 50,690 square foot Ralphs.  The property was purchased from Ambrose Properties.  Sam Alison, Dan Riley and Blake Mirkin of CB Richard Ellis represented the Seller in the transaction.

“The acquisition of Belmont Center is our 47th shopping center currently owned in Southern California,” said Joe Dykstra, Executive Vice President of Westwood Financial Corp.  “Although Westwood Financial Corp. owns properties in 8 other states, the acquisition of Belmont Center demonstrates our continuing preference for properties in California.”

The acquisition of Belmont 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