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Westwood Financial Sells Arizona Property for $7,404,824

12/12/01
LOS ANGELES, California – Westwood Financial Corp. sold a 102,666 square-foot retail center located in Glendale, Arizona at the northwest corner of Bethany Avenue and 67th Avenue for $7,404,000.  The property was sold to Joseph Felix Realty Co., a Colorado based company with shopping center holdings throughout Colorado, Northern California, and Southern California.  The property was 100% occupied and is anchored by Fry’s Supermarket which occupies 60,616 square feet. 

The Buyer acted as principal represented by David Zaterman, 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 the equity vis-à-vis tax-deferred exchanges into larger shopping centers.  We recently acquired the Albertsons and Walgreens anchored Terravita Marketplace from The Pederson Group of Phoenix, Arizona,” said Joe Dykstra, Executive V.P. at Westwood Financial Corp.  “The property’s location in North Scottsdale and the anchor tenants made this property a perfect fit for our current business plan.  We continue to be very interested in neighborhood shopping centers in Phoenix.”

Westwood Financial Corp. is currently offering 19 of its shopping centers for sale and has recently added several more properties from its portfolio to its disposition list of properties, 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