Investors Pay $24M for 70,000-SF Retail Center

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.