Lee & Associates-LA North/Ventura Transacts 10.3-Acre Retail Land Sale to Target
Retailer will anchor 21.5 acre Shoppes at Westlake with Opening Slated for 2014
WESTLAKE VILLAGE, CA – Jan. 9, 2013 - National retailer Target Corp. has acquired 10.3 acres of land, anchoring The Shoppes at Westlake Village, a new 243,000-square-foot retail center under development by Selleck Development Group (SDG) in Westlake Village, CA, said Mike Tingus, President of Lee & Associates-LA North/Ventura, who transacted the sale with Lee Principal Grant Fulkerson.
With the purchase, Target will build a 138,500-square-foot store at the center, which is located along the Ventura (101) Freeway near Lindero Canyon Road at 30800 Russell Ranch Road in Westlake Village, CA. The Target store, along with the center’s other shops and restaurants, is slated to open in March, 2014.
Additional terms of the deal were not disclosed.
“Target had expressed interest in the site almost from the day that it was acquired by Selleck Development Group,” Tingus said. “And we have had significant interest from a number of other retailers and restaurants. The excellent location, the exceptional demographics of Westlake Village, and the beautiful European Village architectural design makes it a very attractive retail destination, and Dan Selleck is a proven developer who understands the market.”
The sale, which comprises approximately half of the center, comes two years after SDG acquired the site. Several previous development proposals, including a home improvement center and an office project, failed to materialize.
SDG acquired the property in June, 2010, and the project was unanimously approved by Westlake Village’s City Council in June, 2012.
“Selleck Development Group worked closely with the community to develop a proposal that met the City’s desire for an architecturally distinctive center, beautiful landscaped gardens with more than required parking availability and a project that would have minimal impact on traffic in the area,” said Fulkerson. “We even designed a truck delivery system that bypasses the neighboring residential areas. The process is a model for other cities that have been resistant to development.”
The center offers retailers a population of nearly 175,000 plus daytime employment of more than 74,500 and an average household income of $143,866 per year. For Target, the location also fills a void between its two closest stores, Thousand Oaks, which is nearly 10 miles to the west and Woodland Hills, which is about 13 miles away to the east.
"Target has had an interest in adding a store in the Conejo Valley for some time,” said Gregory N. Whitney, Senior Vice President at CBRE, Inc., who represented the retailer in the transaction. “When Dan Selleck acquired the Westlake Village site, we thought it was a perfect opportunity for Target to serve the east valley communities, both from a retail and a philanthropic standpoint.
The center is expected to bring in $875,000 in tax revenues in its first year and about $1 million thereafter, totaling $24.5 million over 20 years, a city report estimated.