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Westwood Financial Corp. Seeks to Invest $40 Million in Final Quarter of '02

10/15/02
Los Angeles, Calif. – Westwood Financial Corp., a leading real estate investment firm, today announced its intention to invest $30-$40 million in new acquisitions before the end of 2002.

Westwood Financial Corp. has already closed it’s “down-leg” property on several southern California sale transactions, and has $15 million to reinvest prior to year’s end.  Westwood Financial Corp. desires to leverage the existing equity into $30-$40 million of new properties via a 1031 tax-deferred exchange(s) before year’s end, and will pay all cash and close within 30 days.  Westwood Financial Corp. prefers grocery anchored shopping centers, but will consider any quality shopping center in all major Western U.S. cities, including Dallas.

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., a commercial real estate investment company founded in 1970, is located in Los Angeles, Calif. and through a series of limited partnerships owns and operates more than 100 properties.
  

For more information, please contact:

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