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10/19/21
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A private investor paid $9.05 mil for a 1.5-acre shopping center with future potential for mixed-use multifamily redevelopment in the Warner Center district of Canoga Park. Located at 21161 Victory Blvd, the property currently features a two-story strip mall with restaurant, retail and office space.
The site sits within an Opportunity Zone with zoning that allows for a mixed-use multifamily project with up to 250 units. The property is located in proximity to many of the area’s main amenities, including The Village at Westfield Topanga, the Westfield Topanga mall and Westfield Promenade, which is slated for an extensive renovation to include a variety of hospitality and open-space amenities.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, a local private partnership. According to Paydar, the new owner plans to continue operating the site as a retail center during the interim while redevelopment plans are prepared.
“Warner Center continues to attract investment for redevelopment opportunities,” said Lustig-Bower. “The property is income-producing with leases that will give the new owner flexibility to move forward with developing a new project.”
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