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June 24, 2024
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Westlake Village Smart & Final Sells for $22.5 Mil


A 50.2k sf, NNN-leased Smart & Final grocery store in Westlake Village sold for $22.525 mil, or $448/sf. The asset is located within the Westlake Village Marketplace shopping center, across the street from Westlake Business Park and one mile from the Ventura Freeway/U.S. 101.

The location is surrounded by 27 acres of national retailers and big box stores, including Costco, Target, TJ Maxx, Staples and Michaels. There are approximately 37,200 people living within a five-mile radius and the average annual household income is $171,000. The property is 13 miles from the San Fernando Valley, 17 miles from Malibu and 40 miles from Downtown Los Angeles.

Lior Regenstreif with Marcus & Millichap represented the seller, Riverside Villas LLC. According to Regenstreif, approximately 12.5k sf of this property is sub-tenanted to Dollar Tree on a 10-year triple-net lease. Smart & Final is responsible for all aspects of the subtenancy.

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