San Fernando Valley Retail Center Trades in $54 Mil Deal
Investment Real Estate Associates (“IREA”), a national investment real estate advisory firm based in Encino, California announced today the sale of the Northridge Plaza Shopping Center for $54,700,000. The property has been family owned for 37 years and this transaction is the first time it has changed hands since being built in 1980. The deal was an off market transaction.
At approximately 235,000 square feet, the shopping center is located at 8741-8840 Corbin Avenue, Northridge, California. The land area is about 16.5 acres. Anchors include Target, Kohls, Wells Fargo, and multitude of local and regional tenants.
Yubin Tao, Senior Vice President at IREA and Greg De Rubeis, Vice President at LBPM represented both the buyer, Paragon Commerical Group, and the seller, NLSR LP.