Tony Principe

Westlake Commons is a well-located neighborhood shopping center in the heart of Westlake Village that had suffered from decades of deferred maintenance, high vacancy, and an outdated design that no longer met modern retail demands. Despite its irreplaceable “A” location, the property had failed to reach its potential.

Ownership consisted of a Middle East based consortium, and the asset was managed by an out-of-area property management firm, creating additional challenges around vision, execution, and market alignment. The center was widely viewed as underperforming, and its in-place rents and vacancy levels did not reflect the long-term upside of the site.

Westcord conducted a comprehensive repositioning analysis, beginning with a deep dive into architectural and design opportunities to modernize the center. We evaluated renovation costs, optimized the future tenant mix, and underwrote projected rents based on market demand and comparable redevelopments.

Based on this analysis, we presented ownership with a value-driven strategy and secured a buyer at a price that exceeded market expectations when viewed against in-place income and vacancy, yet remained attractive relative to replacement cost for an irreplaceable location.

We sourced and secured the ideal buyer, one aligned with the long-term vision and with the financial capacity to execute the repositioning plan. The property was acquired for $24,000,000, and Westcord remained closely involved as the renovation and rebranding strategy was executed.

Over the following 24 months, the redevelopment was completed and the property was transformed through targeted capital improvements, rebranding, and a focused leasing strategy.

The repositioning of Westlake Commons delivered a dramatic transformation in both performance and perception. Average rents increased from approximately $1.85 per square foot NNN to over $4.00 per square foot NNN, and the center was re-tenanted with a vibrant mix of health, wellness, fitness, and boutique retail.

Within 60 months of the initial acquisition, Westcord quietly re-engaged the market and sourced an all-cash buyer for the now fully stabilized asset. The property was sold for $40,500,000, representing a significant value creation event and validating the original repositioning thesis.

This transaction highlights Westcord’s ability to identify overlooked assets, execute thoughtful repositioning strategies, and deliver outsized results through disciplined underwriting, strategic vision, and precise execution.