Woodland Hills Shopping Center, located in the heart of the San Fernando Valley and the Warner Center master planned community, was sold in an off-market transaction to PCG Woodland Hills Topanga LLC, an affiliate of Paragon Commercial Group, LLC, for an undisclosed price. Southern California-based Paragon Commercial Group acquires, develops, and manages high-quality, value-add retail investments. The seller was Woodland Hills Retail, LLC.
The +/- 112,649-square-foot center was 100 percent leased at the time of the sale, and anchor tenants include Toys “R” Us, Office Depot, and Off Broadway Shoes. The property is across the street from Westfield’s two existing Warner Center malls as well as the proposed Village at Westfield Topanga, a one-million-square-foot retail and entertainment complex.
Bill Bauman, executive vice president, and Kyle Miller, corporate managing director, of Studley’s National Retail Services Group represented the buyer and the seller in the transaction.
“The buyer viewed this transaction as an opportunity to purchase a well-positioned community center—and one with significant long-term upside—in a core Los Angeles submarket,” said Bauman.
Mark Harrigian, principal of Paragon Commercial Group, commented that Woodland Hills Shopping Center is located along one of the most dominant retail arterials in the San Fernando Valley—Topanga Canyon Boulevard.
“With significant barriers to entry, strong traffic counts with signalized access, and positioned at the heart of Warner Center, this acquisition provides Paragon and its investors with an asset that will continue to deliver returns on both a short- and long-term basis,” said Harrigian. “This is the second acquisition in the San Fernando Valley for Paragon as we continue to aggressively grow our portfolio of quality, retail assets in Southern California.”
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 60 offices worldwide, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. For more information, please visit www.studley.com. Studley’s National Retail Services Group provides the industry with a full-service capability that encompasses every facet of retail real estate including leasing, acquisitions, dispositions, consulting, and development services. Information about Studley’s National Retail Services Group is available at www.studleyretail.com.
About Paragon Commercial Group
Paragon Commercial Group was formed by an institutional team of retail professionals to capitalize on value-add acquisition and tenant-driven development opportunities.
With over 50 years of collective retail development experience and a retail resume in excess of 10 million square feet of neighborhood and community centers, Paragon’s deep market knowledge and tenant relationships provide a constant grass roots pipeline of acquisition, development and redevelopment opportunities.
Paragon enters into each development with the expectation of long-term ownership and therefore acquires and constructs only the highest quality retail product. This commitment to quality extends to each constituency involved in the development process including, capital partners, government agencies, lenders, property owners, tenants and clients.