X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.