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Westwood Financial Corp. Purchases Premier Dallas Shopping Center

12/15/03
DALLAS, TEXAS – Westwood Financial Corp. has acquired Las Colinas Plaza, it’s first acquisition in the Dallas area.  Las Colinas Plaza is a 134,953 square foot neighborhood shopping center located in the exclusive Dallas suburb of Las Colinas.  The property is anchored by a Flagship Tom Thumb supermarket.

“We are thrilled to have bought a true class “A” property located in one of Dallas’ best trade areas,” commented Joe Dykstra, Executive Vice President of the firm.  “This is our first acquisition in the Dallas market, and we are aggressively pursuing additional investments in Dallas and throughout the state of Texas.  Westwood Financial Corp. is committed to owning institutional quality shopping centers, and Las Colinas Plaza fits the mold.”

Las Colinas Plaza is located at the intersection of MacArthur Boulevard and Northgate Drive.  Built in 1989, Las Colinas Plaza also includes national tenants Blockbuster, Subway, Supercuts, GNC, and Mailboxes, Etc..  The property was purchased from Crescent Real Estate Funding II, L.P..  Ken Shulman and John Hammill of The Staubach Company represented the seller in the transaction.

The acquisition of Las Colinas Plaza 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 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