A 48,000-square-foot plot of land in Canoga Park has sold for about $4 million, or $83.30 a square foot, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc.

A limited liability entity named WC Canoga bought the Warner Center Development property at 21401 W. Vanowen St. The parcel sits at the intersection with Canoga Avenue and a couple blocks from the Village at Westfield Topanga retail center in Woodland Hills.

WC Canoga is a developer that plans to entitle the property for 150 apartments and roughly 8,000 square feet of retail, according to Marcus & Millichap.

Lonnie McDermott, first vice president, and Brandon Michaels, senior managing director, for Marcus & Millichap negotiated the deal on behalf of both the buyer and seller.