LOS ANGELES, August 31, 2018 – Cushman & Wakefield announced today that Northridge Promenade, an 89,473-square-foot neighborhood shopping center in Northridge, Calif., has sold for over $16 million.
PacWest Management acquired the asset through the Ten-X online auction platform for $16,375,585.64 at $183 per square foot. Seller LNR Partners, LLC was represented by Cushman & Wakefield retail investment specialists Dixie Walker and Charley Simpson, both Managing Directors in the firm’s Irvine office. The buyer was represented in-house.
Located at 19510-19530 Nordhoff Street, Northridge Promenade spans 4.89 acres of land and was 82 percent occupied by 25 tenants at the time of the sale, with Guitar Center, the largest retailer of musical equipment in the country, as the anchor tenant. The center sold as a “Covered Land Play” which provides the opportunity for potential future residential and/or mixed-use development while receiving a definable income stream in the interim.
“Northridge Promenade offered an investment opportunity with tremendous value-add potential,” said Mr. Walker. “In addition to the immediate upside in leasing the vacant units totaling 16,052 square feet, the asset stands to benefit greatly from the resurgence of residential development in the immediate area.”
Mr. Simpson added, “With an exceedingly low retail vacancy rate of 4.2% for the trade area and a very healthy average retail asking rate of $35.82 per square foot per year, the property offers flexible space options and an economical alternative for non-traditional retail tenants.”
About LNR Partners
LNR Partners, LLC (“LNR”) is the world’s largest commercial mortgage special servicer. We are the industry leader in commercial loan workouts with market-leading due diligence and underwriting processes and extensive knowledge of credit fundamentals that enable us to secure maximum resolutions in the shortest amount of time for our investors.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.