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5/30/17
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Northridge Plaza Shopping Center, a 235k sf retail center on 16.5 acres in the northwestern San Fernando Valley community of Northridge, traded hands for a price of $54.7 mil, or $233/sf. The property, located at 8742 to 8876 Corbin Ave, north of Roscoe Blvd and west of Tampa Ave, was purchased by El Segundo-based Paragon Commercial Group.
In the early 1980’s, the family-owned seller developed what was farmland into one of the first large-scale retail shopping centers in the San Fernando Valley, fueling commercial retail in the area. The new owner intends to maintain its original use. Current tenatns include Target, Kohls and Wells Fargo, as well as many regional and local businesses.
Greg De Rubeis of LBPM represented the seller, NLSR LP. Yubin Tao with Investment Real Estate Association repped the buyer in the transaction.
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