A 2.73-acre property, located directly across from Westfield's new Village at Topanga mall in Woodland Hills, is being marketed by retail developer Paragon Commercial Group of El Segundo for its potential as a 300-unit, mixed-use project.
The Warner Center site currently houses a 28,557-square-foot building leased to retailer Off Broadway Shoe Warehouse, but the lease can be terminated with 60-days’ notice, said Jim Dillavou, principal at Paragon.
No specific asking price has been established for the property. “We’re retail guys, we’re not in the mixed-use business, so we want buyers to come to us with creative ideas and a vision for the property that will affect its value,” Dillavou said.
The firm acquired the parcel, at 6263 Topanga Canyon Blvd., in 2013 as part of its purchase of the 110,000-square-foot Woodland Hills Shopping Center from Fort Worth, Texas investment firm TPG Capital LP. The $47 million price tag on the sale at that time fueled speculation that the acquisition was a potential redevelopment opportunity for Paragon that would hinge on the successful launch of Westfield’s outdoor mall, which opened in September.
Paragon intends to retain long-term ownership of the balance of the retail center, which is fully leased to tenants including Toys R Us and Office Depot, Dillavou said.
Proximity to the amenity-rich Village at Topanga is key to the site’s development value, Dillavou said, along with the Warner Center 2035 development plan, which envisions a 300-unit residential complex on the parcel along with 15,000-square-feet of ground floor retail.
“The (Village at Topanga) is a very cool mall that is right across the street. That makes this one of the most unique development opportunities in the Valley,” he said. Laurie Lustig-Bower, executive vice president at CBRE, has the listing.