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Westwood Financial Corp. purchases Eastlake Village Shopping Center for $9,975,000

12/12/01
CHULA VISTA, CALIFORNIA – Westwood Financial Corp. has acquired a 43,471 sf neighborhood shopping center shadow anchored by Vons and Rite Aid.  Located at the southwest corner of Otay Lakes Road and Eastlake Parkway in Chula Vista, Eastlake Village Center South is currently 97% occupied. 

Included in the offering are Blockbuster Video, H & R Block, Allstate Insurance, Fantastic Sam’s, and Cal Fed Bank. A 380,000 square foot community center anchored by Target and Lowe’s Home Center is proposed for development immediately to the north.  A Wal-Mart is currently planned for development in early 2004 approximately one mile south of Eastlake Village

“The Eastlake community is booming.  The housing starts are incredible.  Over the next 10 years the area is expected to add 20,000 new homes,” said Joe Dykstra, Executive Vice President of the company. “We are proud to have become part of Eastlake and hope that our continued ownership and management of the shopping center will successfully serve a neighborhood voted ‘Best New Home Community in San Diego.’ ”

The property was purchased from the Eastlake Company, LLC., a California limited liability company who is the sole developer of Eastlake. Stewart Keith of Flocke & Avoyer Commercial Real Estate represented the seller.

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 100 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