Shopping center at 21161 Victory Blvd. in Canoga Park.

Shopping center at 21161 Victory Blvd. in Canoga Park.

A 1.5-acre shopping center in Canoga Park has sold for $9 million to a private investor with an eye toward redevelopment, according to brokerage CBRE Group.

Located at 21161 Victory Blvd. in the Warner Center district, the property currently features a two-story strip mall with restaurant, retail and office businesses.


The property also stands nearby Westfield Topanga, The Village at Westfield Topanga and Westfield Promenade, which is slated for an extensive renovation that will produce more restaurant and retail, hospitality and open-space amenities.


CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, a local private partnership.


“Warner Center continues to attract investment for redevelopment opportunities,” said Lustig-Bower in a statement. “The property is income-producing with leases that will give the new owner flexibility to move forward with developing a new project.”


The new owner plans to continue operating the site as a retail center while drawing up redevelopment plans, according to CBRE. The site sits within an Opportunity Zone with zoning that allows for a mixed-use multifamily project with up to 250 units.


Per the Warner Center 2035 Specific Plan, there has been plenty of apartment building in development at Warner Center, including Canoga Park-based California Home Builders’ five Q residential towers and Sherman Oaks-based IMT Capital’s just-opened, 160-unit IMT 6500.


Residential will also be a component of major mixed-use developments afoot at Warner Center, including Westfield’s Promenade 2035, which will create 1,400 units; and the Kaplan Cos.’ The District at Warner Center, which will include 852 apartments at the former Fry’s location in Woodland Hills.