Paragon Commercial Group Acquires Property From NLSR LP In Northridge For $54.7M
SOLD
$54,700,000
California
See Similar DealsCommercial235,000 SF
Sold
SOLD
Paragon Commercial Group Acquires Property From NLSR LP In Northridge For $54.7M
8742 Corbin Ave, Northridge, CA, 91324
See Similar DealsCommercial235,000 SF
Sold
Summary
CALIFORNIA
Asset Type:Commercial
Price Per Square Foot:$232
Total Square Footage:235000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,917,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$194,337.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$259,305.91
Annual Debt Service$3,111,670.88
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