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Westwood Financial Corp. Acquires Steelecroft Shopping Center in Charlotte, NC.

12/18/08
Charlotte, NC – Westwood Financial Corp. has acquired Steelecroft Shopping Center, a 79,226 square foot neighborhood shopping center. The center is 100% occupied and anchored by a 57,723 square foot Harris Teeter. The shopping center is located on the northwest corner of South Tryon Street and Steele Creek Road, two major commercial arteries in the Lake Wylie trade area of Charlotte. Tenants at Steelecroft include West Marine, Blockbuster, UPS Store, and Subway. Steelecroft was purchased from Crosland and Rob Carter, Alex Quarrier and David Webb of Berkeley Capital Advisors represented the seller in the transaction.

“We are very pleased with this acquisition. This is our first Charlotte property and our second property in the Carolinas in the past year,” said Joe Dykstra, Executive Vice President of Westwood Financial Corp. “Steelecroft is anchored by the dominant grocer with minimal shop space which is exactly the type of retail property we want to acquire in today?s economic environment.”

Steelecroft is consistent with Westwood Financial Corp.?s business plan of acquiring core, unique real estate assets with irreplaceable locations. Westwood Financial Corp. has acquired over 30 properties in the last 3 years in Illinois, South Carolina, Florida, Georgia, Texas, Colorado, California, Arizona, 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.

Headquartered in Los Angeles, Westwood Financial Corp. has offices in Phoenix, Dallas and Sacramento and owns and operates more than 90 neighborhood, community and specialty retail shopping centers covering 22 major markets in 12 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
972-998-7373
shenard@westfin.com
www.westfin.com