Paragon Commercial Group Acquires Property From NLSR LP In Northridge For $54.7M

Paragon Commercial Group has acquired Northridge Plaza Shopping Center, located at 8742 Corbin Ave, Northridge, CA 91324, for $54.7 million. The property spans approximately 235,000 square feet and is situated in the Northridge market, comprising 16.5 acres. This transaction marks the largest retail real estate deal in Los Angeles County for 2017.

Summary of transaction details:

• Property Type: Shopping Center
• Transaction Amount: $54,700,000.00
• Seller: NLSR LP
• Buyer: Paragon Commercial Group
• Seller's Representative: Greg De Rubeis - LBPM
• Buyer's Representative: Yubin Tao - Investment Real Estate Association

NLSR LP, a family-owned entity, has held ownership of the property since its construction in the early 1980s. The shopping center features tenants including Target, Kohl’s, and Wells Fargo, along with several regional and local businesses. Greg De Rubeis, LBPM's vice president of commercial real estate, and Yubin Tao of Investment Real Estate Association were instrumental in negotiating the transaction.