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Westwood Financial Sells another San Diego Property for $1,400,000

11/15/01
LOS ANGELES, California – Westwood Financial Corp. sold a 7,470 square-foot convenience retail center located in San Diego, California at the northeast corner of El Cajon Boulevard and 50th Street for $1,400,000.  The property was sold to Adel, Alan, & Albert Yalda of Spring Valley, California.  Adel Yalda owns approximately eight liquor stores in the greater San Diego area.  The property was 100% occupied at the time of transaction and is anchored by AutoZone which occupies 3,600 square feet. 

The buyer was represented by Bob Ostowari of Bahman Ostowari Realty, based in Santa Ana, and Westwood Financial Corp.  acted as principal represented in-house by Phillip Duke.

“This sale is consistent with our business plan of disposing of our smaller assets and trading vis-à-vis tax-deferred exchanges into larger shopping centers.  Our current acquisition plan is to purchase 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, Northern and Southern California.”

Westwood Financial Corp. is currently offering 19 of its shopping centers for sale, and within the last eight months has added the following four shopping centers to its portfolio, Terravita Marketplace in Scottsdale, Arizona, Gateway Shopping Center in Mission Viejo, California, Eastlake Village South in Chula Vista, California, and Sheridan Crossing in Westminster, Colorado.

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:

Phillip Duke (310-820-5443)

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