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Westwood Financial Buys Orange County Neighborhood Shopping Center for $15 Million

10/4/01
ORANGE COUNTY, California – Westwood Financial Corp. purchased a 82,675 square-foot neighborhood shopping center located in the exclusive master-planned community of Mission Viejo, Orange County, California for $15,000,000.

Gateway Shopping Center consists of nine retail buildings including freestanding pads and inline shop space.  National tenants include Starbucks, Washington Mutual, Wells Fargo Bank, Coco’s Restaurant and Taco Bell.  The property was developed in 1978 and has remained virtually 100% occupied since its grand opening. The center offers a diversity of tenants, including banking, casual dining, professional offices and specialty retail stores, serving both the business and residential communities in the surrounding areas.

“Orange County’s economy continues to perform well, and the area’s demographics remain quite robust.  Retailers are clamoring to lease prime south Orange County locations”, said Joe Dykstra, executive at the Company.  “This acquisition increases our South Orange County presence to a total of four properties.  We also own Lake Forest Marketplace on El Toro & Rockfield, Ralphs Plaza on Alicia & Trabuco, and Rancho Santa Margarita on Santa Margarita and Antonio.  We continue to have a big appetite for south Orange County retail”

The seller of the property was Farallon Gateway, Ltd., of San Francisco, Calif.  Dennis Vaccaro of Faris Lee Investments represented both the Buyer and the Seller.

Westwood Financial Corp. was founded in 1970 and, through limited partnerships, currently owns and operates over 100 real estate properties throughout the U.S.  Westwood Financial Corp. is a real estate investment company located in Los Angeles, Calif.

For more information, please contact:

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