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Westwood Financial Corp. acquires Raley's Shopping Center for $15,300,000

10/8/02
Sacramento, California – Westwood Financial Corp. has purchased the Raley’s Shopping Center, it’s second acquisition in the Sacramento area.  Raley’s Shopping Center is a 121,618 square foot neighborhood shopping center anchored by Raley’s supermarket, located in the North Highlands community, ten miles northeast of downtown Sacramento, California.

 “We are very pleased to have bought an institutional quality neighborhood shopping center anchored by the dominant supermarket chain in Sacramento.  This is our second acquisition in the Sacramento area, and we are aggressively pursuing additional investments throughout Sacramento and Northern California.  Westwood Financial’s first acquisition in the Sacramento area was the Southgate Plaza, anchored by Wal-Mart and Albertsons, which we purchased from AEW Capital Management in 2000.  We feel the Raley’s Center is an excellent addition to our Sacramento portfolio.”

Raley’s Shopping Center is currently 100% occupied and is anchored by a 61,000 square foot Raley’s grocery store.  Raley’s Shopping Center is also home to national retailers Blockbuster Video, Dollar Tree, Bank of America, Radio Shack, Hometown Buffet, Subway, and Domino’s Pizza.

The acquisition is consistent with Westwood Financial Corp’s program of buying institutional quality grocery-anchored shopping centers in the Western United States.  Westwood Financial Corp. owns 90 shopping centers in 8 states, including California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Florida.  In 2002 Westwood Financial Corp. has also bought the Palizzi Marketplace, anchored by King Soopers, in Denver, Colorado; the Village Center West, anchored by King Soopers, in Denver, Colorado; and the Eastlake Village Center South, anchored by Vons, in San Diego, California.  Westwood Financial Corp. continues to seek acquistions in the final quarter of 2002.  Westwoood Financial Corp.'s intention is to invest $30-$40 million in new acquisitions before the end of 2002.

The property was purchased from Silver Rim Holdings, Inc.  James Roessler, of Raphael-Roessler Retail Group, represented the seller in the transaction.

Westwood Financial Corp., a commercial real estate investment firm, is headquartered in Los Angeles and through a series of limited partnership owns and operates more than 90 properties throughout the Western United States with large holdings in the Los Angeles, Phoenix and Denver areas.

For more information, please contact:

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