Updated: La Cañada Flintridge Town Center Sold to L.A. Group

The Olberz family, founders of , sold the La Cañada Flintridge Town Center to IDS Real Estate Group of Los Angeles for more than $40 million, the Los Angeles Times reported Saturday.

Sport Chalet will continue to be a tenant in the 7.6-acre mall on Foothill Boulevard at Angeles Crest Highway, the newspaper reported. IDS plans to upgrade the mall.

Correction: An earlier version of this story incorrectly reported that The Olberz family took a loss of about $20 million in the sale of the Town Center property, which it sold for $40 million. Patch linked to a July 9 Los Angeles times Business section story about the sale of the property. A correction posted in its story reads, in part, "The article failed to state that the sale involved only 7.6 acres of the 10.3-acre mall. The figure of $60 million cited in The Times in 2008 and 2009 was based on the owners' estimate of the property's worth, not its development costs. The Olberz family said it realized a profit on last week's sale, but declined to provide details.''