A shopping center in Northridge has changed hands for nearly $55 million, according to Investment Real Estate Associates in Encino.
The Northridge Plaza Shopping Center at 8741 to 8840 Corbin Ave. sold for $54.7 million, or nearly $233 a square foot, to Paragon Commercial Group in El Segundo. The seller, NLSR, is a family entity that has owned the center since it was built in 1980, according to IREA.
The 235,000-square-foot center on 16.5 acres includes a Target and Kohl’s as anchor tenants.
IREA Senior Vice President Yubin Tao and Greg De Rubeis, a vice president at LB Property Management Inc., negotiated the deal on behalf of both parties.