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Pueblo Point Shopping Center Purchased By Westwood Financial Corp. For $9.8 Million

12/15/03
PHOENIX, ARIZONA – Westwood Financial Corp. has bought the Pueblo Point Shopping Center for $9.8 million.  Pueblo Point Shopping Center is a 54,430 square foot grocery anchored shopping center located at the northeast corner of Tatum Boulevard and Thunderbird Road, in Phoenix, Arizona.

Pueblo Point SC is currently 98% occupied and is anchored by a Wild Oats Market.  The property was initially developed in 1980, and underwent an extensive redevelopment in 2000.  In addition, Wild Oats Market will be completely renovated, updated, and converted into the Henry’s Marketplace concept.  Other national tenants at Pueblo Point include Quizno’s, Domino’s, UPS Store, and Mobil Oil.  Ace Hardware was not included in the investment.  The property was purchased from Amerimar Enterprises.  Bob Young and Glenn Smigiel of CB Richard Ellis represented the Seller in the transaction.

“Pueblo Point is a high quality property located in a great trade area with excellent demographics.  This acquisition increases our presence in Phoenix to a total of 18 properties,” remarked Joe Dykstra, Executive Vice President of Westwood Financial Corp.  “We continue to be bullish on the Phoenix retail market.  Our appetite is very strong for institutional quality grocery anchored properties in Phoenix and throughout the West, Texas, and Florida.”

The purchase of Pueblo Point Shopping Center is consistent with Westwood Financial Corp.’s program of buying institutional quality grocery-anchored shopping centers in the Western United States, Texas and Florida.  Westwood Financial Corp. currently owns shopping centers in 8 states, including California, Colorado, Washington, Nevada, Arizona, New York, North Carolina, and Texas.  Westwood Financial Corp.’s recent acquisitions include Las Colinas Plaza, anchored by Tom Thumb, in Dallas, Texas; Cameron Park Place, anchored by Safeway, in Sacramento, California; The Pinnacle of Scottsdale, anchored by Safeway, in north Scottsdale, Arizona; Carefree Marketplace, anchored by Home Depot and Fry’s, in Phoenix, Arizona; Town Square at Gateway Village, anchored by Albertsons, in Denver, Colorado; Village Center West, anchored by King Soopers, in Denver, Colorado; and Willow Run, anchored by Safeway, in Denver, Colorado.  Westwood Financial Corp. has the ability to purchase all-cash and close in thirty days.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix and Sacramento and owns and operates more than 84 properties throughout the Western United States.

For more information, please contact:

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