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Westwood Financial Sells San Fernando Valley Shopping Center for $930,000

9/16/02
LOS ANGELES, California – Westwood Financial Corp. sold a 5,768 square-foot convenience retail center for $930,000.  The shopping center is located at the southeast corner of Nordhoff Street and Aqueduct Avenue near the 405 freeway in North Hills, Calif.  The parcel was sold to Lavender Investment Group, a California based company. 

The Buyer was represented by Shawn Gabbaie of Executive Properties, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This is our twelfth disposition of the year and the twenty-third of the last two years.  We expect to complete ten more sale transactions by year end.  We continue to sell our smaller assets and trade vis-à-vis tax-deferred exchanges into larger shopping centers.  Our Acquisition plan continues to be the acquisition of 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, Dallas, Northern and Southern California.”

Within the last year Westwood Financial Corp. has acquired seven shopping centers; Gateway Shopping Center in Mission Viejo, California, Sheridan Crossing anchored by Albertsons in Westminster, Colorado, Terravita Marketplace anchored by Albertsons & Walgreens in Scottsdale, Arizona, Eastlake Village South anchored by Vons & Rite Aid in Chula Vista, California, Palizzi Marketplace anchored by King Soopers in Brighton, Colorado, Village Center West Marketplace anchored by King Soopers in Highlands Ranch, Colorado, and Raleys Center, in Sacramento, California. 

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:

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