Agoura Whizin's sold to local investment group
Area's oldest shopping center goes for $26.2 million
By Stephanie Bertholdo bertholdo@theacorn.com

JANN HENDRY/Acorn Newspapers CONTENT--Bruce Whizin relaxes at his Sherman Oaks home following the sale of the Whizin's center.

The landmark Whizin's Shopping Center has been sold, marking the end of an era for the Whizin family and the city of Agoura Hills.

Bruce Whizin, president of the Whizin Foundation, sold the property in December to Tucker Investment Group of Calabasas for $26.2 million.

To safeguard the legacy of the center, Whizin stipulated in the deed that the mall will continue to carry the name Whizin. William Tucker, principal of Tucker Investment Group, said the mall may be renamed Whizin's Market Square.

"The name Whizin has a lot of good will," Tucker said. "It's been there for 50 years. That's part of what makes it nice, the historical value. It kind of ties us into the past of Agoura."

The early days

Whizin vividly remembers the past. When his father, the late Art Whizin, purchased the land on Roadside Drive in early 1954, Bruce Whizin was winding down his military service. By March 4, 1954, Whizin had joined his father and his business partner, Vance Moran, in operating a 12-stool hamburger stand and four-pump gas station.

"On March 4, 1954, I was there at 5 a.m.," Whizin said. "That began four and a half years of 12, 14, 18 hours a day, seven days per week." The Cornell Corners restaurant evolved into the Wood Ranch restaurant.

In 1955, Whizin and Moran built a rodeo arena, which was replaced within a few years by a motorcycle dirt track. A midget auto racing business and children's go-cart track was also operated on the site, Whizin said.

In 1962, the entrepreneurs built a row of buildings that are now occupied by antique stores. The buildings known as the arcade and The Canyon were built in 1973 and '74. To this day, the architecture preserves the style of the area's past.

"I'm feeling all kinds of things," Whizin said. "It's a mixed bag." The deciding factor in selling the property was a change in tax laws on foundations, he said.

The future is here

The mall is located in the area poised to become Agoura Village, which city officials believe will become a pedestrian-friendly town center with a mix of retail, residential and commercial businesses.

Tucker said he's had his eye on the center for more than five years. "I always thought it was a great center in a great part of town," he said.

Tucker's area of expertise is retail. "The new village--we believe we can be an integral part of that," Tucker said. "Right now we're not building anything."

As for the antique stores currently operating on the property, Tucker hopes they will remain part of the plan, but admits he doesn't know exactly--yet--how the 9-acre property will evolve.

"Right now we're just getting our arms around the project," Tucker said. "We think the community is a great community."

"We look forward to revitalization of that center and hope that new energy and new ideas will make that a thriving, exciting area," said Agoura Hills Mayor Dan Kuperberg. "I hope that the new developer keeps many of the existing, profitable businesses that have contributed so much to Agoura Hills."

Regrets

Moran, who retired to his hometown in Louisiana two years ago, remembers the early days. "We built the shopping center," Moran said. "We insisted on paying cash for everything. There was no mortgage."

Moran also remembered the dispute he had with Bruce Whizin, which he said was the reason he moved back to Louisiana.

"Art was concerned about Bruce," Moran said. He said Art Whizin didn't want his son to gain control of the shopping center out of fear that he'd ruin it. Although Art Whizin stipulated his wishes in a contract, the courts ruled in favor of Bruce Whizin, who took control of the property two years ago.

"I would have liked to stay there and continue operating the shopping center the rest of my life," Moran said. "We had a lot of happy tenants and never a vacancy."

After Whizin died, Moran managed the mall for 10 years before Bruce Whizin took control. "(The tenants) trusted me and I trusted them. We were like one big happy family."

"I don't know why he did it," Moran said of Bruce Whizin's decision to sell the property. He said the rent alone would have added up to the sales price within 10 years.

"There's nothing I can do about it," Moran said. "He wanted to take complete control. He has something up his sleeve."

The Whizin Foundation

Although Whizin will not be overseeing the mall anymore, his foundation will continue to fund a variety of charities and causes. The foundation provides $25,000 to many organizations each year, from the Red Cross, American Cancer Society, Children of the Night, the Southern Poverty Law Center, Midnight Mission, Optimist Club, school programs and Conejo Valley Days.

The foundation's primary focus, however, is to support the Technion-Israel Institute of Technology in Israel, the University of Judaism, and a variety of synagogues and Jewish educational institutions.

Whizin said the foundation gives between $300,000 and $400,000 per year to these and other organizations focused on Jewish education and issues.