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Westwood Financial Corp. acquires Grocery-Anchored Shopping Center in Paradise Valley, Arizona.
11/19/09
Phoenix, AZ – November 19, 2009 - Westwood Financial Corp. has acquired Village Plaza, a 79,641 square foot neighborhood shopping center anchored by a Sprouts Farmers Market. The shopping center is located on the northeast corner of Cactus Rd. and Tatum Blvd. in the Paradise Valley area of Phoenix, AZ. Tenants at Village Plaza include Sprouts Farmers Market, Radio Shack, Cold Stone Creamery, Gamestop, In-N-Out Burger, State Farm Insurance, and Today's Pool & Patio. Chris Hoffman and Rikki Keating of Eastdil Secured represented the Seller in the transaction.
"We try and buy great locations and this real estate is about as good as it gets in Arizona," said Joe Dykstra, Executive Vice President of Westwood Financial Corp. "We really think Village Plaza has it all. The affluence in Paradise Valley, the Cactus and Tatum intersection, the quality rent roll, the location across the street from the Paradise Valley Mall, and the fact the seller invested $5 million into a property renovation last year really makes this property special. The pricing for this asset class is better then we have seen in Phoenix in more than 15 years."
Village Plaza is consistent with Westwood Financial Corp's. business plan of acquiring well located neighborhood shopping centers. Westwood Financial Corp. has acquired over 30 properties in the last 3 years in Florida, Georgia, Texas, Colorado, California, Arizona, and Kansas. Westwood Financial Corp. focuses its acquisition efforts on acquiring mature neighborhood shopping centers anchored by the #1 or #2 grocery stores in the properties' MSA, and urban anchored or unanchored retail properties in major cities.
Headquartered in Los Angeles, Westwood Financial Corp has offices in Phoenix, Dallas and Sacramento and owns and operates 93 neighborhood, community and specialty retail shopping centers covering 24 major markets in 13 states. Westwood Financial Corp. is a fully integrated real estate company that acquires, leases, and manages its real estate portfolio.
For more information, please contact:
Joe Dykstra, Executive Vice President
310-820-5443
jdykstra@westfin.com
www.westfin.com
Scott Henard, Vice President ? Acquisitions
972-284-0925
shenard@westfin.com
www.westfin.com
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