120,000-SF Retail Center Fetches $8M

NORTHRIDGE, CA-Northridge Promenade LLC bought the 120,000-sf Northridge Marketplace at 19510-30 Nordhoff St. from Northridge Holdings Inc. and plans a complete renovation of the center. A name change will follow the renovation, according to Sylvia MacAller and LeeAnne Sichel of TOLD Partners Inc., who represented the seller.

The service-retail center, which has a highly visibility location across from Northridge Fashion Square, was built in 1986. Among its tenants are Good Earth Restaurant, Coldwell Banker and Aveda Salon and Spa. MacAller says the renovations will begin soon and are expected to be finished by the end of the year. The new owner has retained MacAller and Sichel as leasing agents for the center.

Brokers say buyers are investing in retail centers in Northridge and other San Fernando Valley locations because the area’s dense population and the lack of land on which to build new centers all but ensures that well-located, well-managed centers will turn a profit. The area is fully developed, so infill projects and major rehabilitations of existing properties are the only locations available to build new retail space.