back

Westwood Financial Corp. Acquires Safeway Anchored Shopping Center in Tucson

12/21/06
Tucson, ARIZONA - Westwood Financial Corp. has acquired Colonia Verde Shopping Center, a 98,937 square feet grocery-anchored shopping center by a Safeway Supermarket. Colonia Verde is located in Tucson at the SW corner of Sabino Canyon Rd. and Tanque Verde Rd. The tenants at the property include Walgreen's, Ace Hardware, Blockbuster Video, Pro Golf Discount, Jamba Juice, and Wells Fargo Bank. The property was purchased from Furst Commercial Real Estate, Inc. and the transaction was completed in 30 days. Mark Lucescu of Lucescu Realty represented the Seller and the Buyer in the transaction.

"We are very excited about the acquisition of Colonia Verde Shopping Center," said Joe Dykstra, Executive Vice President of Westwood Financial Corp. "Colonia Verde is a great fit for us. The property is located at a dominant intersection, the property has upside in the rents and Safeway is preparing to upgrade its store to its lifestyle format. With the concurrent acquisition of Ventana Canyon Village, we now own three of the best neighborhood shopping centers in Tucson."

Colonia Verde Shopping Center is Westwood Financial Corp.'s 8th acquisition for 2006. Westwood Financial Corp. has acquired 23 shopping centers in the last 3 years in Georgia, Florida, Colorado, California, Arizona, Texas and Kansas. Westwood Financial Corp. focuses its acquisition efforts on acquiring either mature suburban neighborhood shopping centers anchored by the #1 or #2 grocery stores in the properties' MSA or urban-located anchored or unanchored retail properties in major cities.

Westwood Financial Corp. is headquartered in Los Angeles with offices in Phoenix, Dallas and Sacramento and owns and operates more than 80 neighborhood, community and specialty retail shopping centers totaling over 5 million square feet in 10 states. Westwood Financial Corp. is a fully integrated real estate company that acquires, leases, and manages its real estate portfolio.

For general, acquisition, and leasing information for Westwood Financial Corp. please view the website at www.westfin.com.

For more information, please contact:

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