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Westwood Financial Sells Another Arizona Property for $1,440,000

12/5/01
LOS ANGELES, California – Westwood Financial Corp. sold a 15,235 square-foot retail center located in Mesa, Arizona at the northwest corner of Southern Avenue and Extension Road for $1,440,000.  The property was sold to Rick Truong of Mesa Arizona. 

The Buyer was represented by John Schweikert of Retail Brokers’ Inc., based in Scottsdale AZ, and Westwood Financial 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 the equity vis-à-vis’ tax-deferred exchange into larger shopping centers similar to the Albertsons and Walgreens anchored Terravita Marketplace, a $15,000,000 shopping center recently purchased from The Pederson Group, of Phoenix, Arizona,” said Joe Dykstra, executive V.P. at Westwood Financial.  “Located in North Scottsdale, Terravita Marketplace satisfied our current acquisition plan in all respects.  We continue to be very interested in neighborhood shopping centers in Phoenix.”

Westwood Financial is currently offering 19 of its shopping centers for sale, and has recently added several more properties from its portfolio to its list of properties for disposition, and hopes to close about $100 million in acquisitions by year-end.

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