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Westwood Financial Sells Southern California Shopping Center for $1,085,000

9/27/02
LOS ANGELES, California – Westwood Financial Corp. sold a 5,415 square-foot convenience retail center located at the southeast corner of Gaffey Street and 15th Street in San Pedro, Calif, for $1,085,000.  The shopping center was 100% occupied at time of transaction.  The center was purchased by Bunly Chao, Kann Lindy Chea & Hour T. Hak. 

The Buyers were represented by Andy Lin of Magnum Properties, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This is our thirteenth disposition of the year and the twenty-fourth 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 San Diego, California, Palizzi Marketplace anchored by King Soopers in Denver, Colorado, Village Center West Marketplace anchored by King Soopers in Denver, 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