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LBPM Negotiates $54.7M Sale of Historic Shopping Center in Northridge, CA.
LBPM, a Los Angeles-based full-service property management firm, negotiated the $54,700,000 sale of the Northridge Plaza Shopping Center, an approximately 235,000-square-foot center on 16.5 acres, located at 8742 to 8876 Corbin Ave. In the early 1980’s, the family-owned property was developed from farmland into one of the first large-scale retail shopping centers in the San Fernando Valley, fueling commercial retail in the area. The property was sold to Paragon Commercial Group based in El Segundo and will maintain its original use.
Greg De Rubeis of LBPM represented the seller; Yubin Tao Senior Vice President of Investment Real Estate Association (IREA) represented the buyer in the transaction.
“Our firm has provided exclusive management and leasing services for the past four years, so we are thrilled to represent the seller on this transaction,” said Greg De Rubeis, Vice President of commercial real estate at LBPM. “Obtaining a sales price of this magnitude was in large part attributable to our hands-on management experience with the property, and knowing how to maximize value for a prospective buyer."
The seller of the property, NLSR LP, is a family-owned entity that has owned the center since it was built. Anchor stores include: Target, Kohls and Wells Fargo, as well as many regional and local businesses.