Search
 

CorAmerica JV Buys 254,000-SF Shopping Center

NORTHRIDGE, CA-The firm and an institutional partner pick up Nordhoff Plaza; purchase price plus additional capital improvements equals approximately $90 million.

By Carrie Rossenfeld | Updated on September 06, 2012

NORTHRIDGE, CA-Nordhoff Plaza, a 254,000-square-foot community center here, has changed hands. A joint venture between CorAmerica Capital and an unnamed institutional partner has purchased the property from Red Mountain Retail Group and will make capital improvements to it; the total project capitalization is $90 million.

The center is located at the corner of Nordhoff St. and Tampa Ave., directly across the street from the Northridge Fashion Center, the highest-grossing regional mall in sales in the San Fernando Valley. Nordoff Plaza is anchored by Best Buy, Bed Bath & Beyond, Total Wine & More, Fresh & Easy, Office Max and 24-Hour Fitness, providing an opportunity to lease up the 50% of the center that is currently vacant shop space. CorAmerica has retained Austin Bettar and Peter Kay of retail brokerage firm Wilson Commercial Real Estate to oversee leasing at the center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.