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Westwood Financial Sells Southern California Shopping Center Property for $1,650,000

11/27/02
LOS ANGELES, California – Westwood Financial Corp. sold a 1,628 square-foot shopping center located in Sunland, California on the southeast corner of Foothill Boulevard and Newhome Avenue, for $1,650,000.  The property was sold to Sunland Investment Group of Los Angeles, Calif. 

The Buyer was represented by Bruce Mehdiani of Paramount Realty, and Westwood Financial Corp. acted as principal represented in-house by Phillip Duke.

“This was our sixteenth disposition of 2002 and the fifty-sixth of the last four years.  We expect to complete ten more sale transactions by year end.  Our Acquisition plan continues to be the redeployment of our capital through tax deferred exchanges into the acquisition of grocery anchored retail throughout the West and Florida, 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, Texas, Florida, Northern and Southern California.”

Within the last year Westwood Financial Corp. has acquired six shopping centers; Palizzi Marketplace anchored by King Soopers in Denver, Colorado; Village Center West Marketplace anchored by King Soopers in Denver, Colorado; Raleys Center, in Sacramento, California; Willow Run, anchored by Safeway in Westminster, Colorado; Town Square at Gateway Village, shadow anchored by Albertsons in Denver, Colorado; and Eastlake Village Center South, shadow anchored by Vons, in San Diego, California. 

Westwood Financial Corp., a leading real estate investment company founded in 1970, is an aggressive buyer and is capable of completing acquisitions in 30 days or less.  Westwood Financial Corp. is located in Los Angeles, California and owns and operates 87 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