X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTLAKE VILLAGE, CA-Locally based buyers doing business as Owensmouth LLC have acquired the 70,000-sf Village Glen Plaza retail center from Village Plaza Investment Co. for $24 million, according to Westcord Commercial Real Estate Services, which represented the buyers. Tony Principe of Westlake Village-based Westcord says that the new owners plan further improvements at the recently upgraded center. Village Glen, the site of the popular “P6″ restaurant, is at 2797-2900 Village Glen Rd. and at 2900 Townsgate Rd. Principe represented the buyers, with the sellers represented by Heidt-Torres of Santa Monica. Principe notes that the center features a strategic location fronting Townsgate, Village Glen and Agoura Road. The recent upgrades included a $1 million renovation, and Principe says that the buyers intend to complete additional cosmetic improvements that will include new store-front glass, architectural features, landscaping and other amenities. The new owners have also retained Westcord as the new leasing and management team for Village Glen, Principe says. Parkstone Companies of Westlake will handle property management. The available space at the center includes 4,000 sf designated for restaurant space and 8,000 sf for retail tenants. In addition to the P6 restaurant, the other major anchor at Village Glen is Bauducco’s Restaurant. The sale of Village Glen Plaza is the latest in a recent series of sales and developments of retail properties in Westlake Village and surrounding communities, where population growth in recent years has placed a premium on retail sites. The 85,000-sf Newbury Oaks Marketplace shopping center in Thousand Oaks sold for $23.6 million, for example, and L.A. developer Rick Caruso opened a 50,000-sf project called the Lakes at the City of Thousand Oaks Civic Center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.