WESTLAKE VILLAGE, CA - Village Glen Plaza, a 70,000 sq. ft. retail center newly defined by the popular "P6" restaurant, has been acquired by Westlake Village investors for $24 million, announces Westcord Commercial Real Estate Services.
Tony Principe, president of Westlake Village, CA-based Westcord, reports that Owensmouth LLC acquired the retail center located at 2797-2900 Village Glen Rd. and 2900 Townsgate Rd. from Village Plaza Investment Company.
Principe represented the buyers. Heidt-Torres of Santa Monica represented the sellers.
Featuring a strategic location fronting Townsgate, Village Glen and Agoura Rd., Village Glen Plaza recently underwent a $1 million renovation. Principe emphasized that the buyers intend to provide additional cosmetic enhancements to the center, including new store front glass, architectural features, landscaping and other amenities.
The new owners are also introducing a new leasing and management team for Village Glen Plaza, Principe said. He reports that Westcord has been retained to lease the center, which has 4000 sq. ft. of restaurant space and 8000 sq. ft. of retail space available. Parkstone Companies of Westlake will handle property management.
"Village Glen Plaza, by virtue of its strategic location and strong tenant mix paced by P6, is one of the prime centers of its kind in the Westlake area. The new owners' plans will only raise the center to a higher level," said Principe. P6 and Bauducco's are the major anchor tenants in the center, Principe added.
Westcord is one of the Los Angeles area's top 25 commercial real estate companies with offices in Westlake Village, CA, and Van Nuys, CA.
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