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Tuesday, Mar 5, 2024

Northridge Plaza Sells for $55 Million

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.

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