Whizin center sold.

The Whizin Shopping Center, a 84,979-square foot property in Agoura Hills, has been sold to a development company for $26 million.

The center is old and under-utilized, but the owners nonetheless drew a hard bargain, thanks largely I'm told to Peter Lowy, chairman of Westfield's U.S. division which owns the Topanga and Promenade malls among others.

The center, developed by Art Whizin, has since passed to a charitable trust that largely benefits the University of Judaism. Lowy, fresh from the redevelopment of the Topanga mall and a board member of the Whizin Foundation, was given the job of divesting the property.

"Normally, you put together a book and get it out and people tour the property and make offers and you pick your guy," said John DeGrinis, senior vice president at Colliers International, who, with Colliers' Steve Nanino and Michael Ross, managing director of the Colliers Investment Services Group, represented the foundation. "(Lowy) said, 'I want to do it like an auction. Everyone does their due diligence upfront. When they put their offers in, they give a million dollar check and be ready to go.'"

The conditions deterred some, but not many of the would-be buyers, DeGrinis said, and in short order, Tucker Investment Group emerged the winner. The deal took about 30 days to close.

Bill Tucker, president of the Calabasas-based development company, said he is proceeding slowly with his plans for the property, which sits at the gateway to the city's Agoura Village, earmarked for revitalization.

"Our project is right at the doorstep to that and we want to be part of that urban living concept that's being created there. We think this center will fit in nicely," Tucker said.