$11.35M Buys Center at Shangri La

SANTA CLARITA, CA-A private investor from Los Angeles bought the newly constructed shopping center called The Center at Shangri-La from a Texas-based private developer for $11.35 million, according to Marcus & Millichap.

The price of $212 per sf represents a 9.1% cap rate for the property at 18635 Soledad Canyon Road, according to Peter Ioannou of the M&M Encino office, who was the listing agent on the property.

The center, which was 95% occupied at the time of the sale, is leased to a mix of regional and national credit tenants. They include Verizon Wireless, Dominoes Pizza, Beneficial California, AOL Time Warner, IHOP, Wendy’s and Santa Clarita Athletic Center. The center is also anchored by the Santa Clarita Public Library, which was not included in the sale.

The new center is in one of the fastest growing areas in Los Angeles County, where a number of developers have constructed new retail centers recently to keep up with the demand from a growing population moving into new homes in Santa Clarita, Valencia and other nearby communities.