Westlake Village Shopping Center Sells for $40.5 Million

The Village Glenn Plaza shopping center in Westlake Village has sold to a New York developer and investor for $40.5 million, according to brokerage firm Westcord Commercial Real Estate Services, also in Westlake Village. Atlas Capital Group of New York bought the more than 70,000-square-foot center at 2900 Townsgate Road from the seller, Owensmouth, of Malibu, in an off-market deal. Owensmouth had bought the center in 2004 for $24 million and subsequently renovated it with elements including new store fronts, signs and landscaping. Atlas Capital plans further improvements, according to Westcord. Tenants at the center include the Casa Escobar restaurant and Soto Lifestyle & Soto Boutique. The center also hosts a Sunday morning farmers market. Tony Principe, Westcord’s president, brokered the deal on behalf of the buyer and seller, and had brokered the sale of the center to Owensmouth.