IREA Negotiates $54.7M Sale of Retail Center in Northridge

by Nellie Day

NORTHRIDGE, CALIF. — Encino-based Investment Real Estate Associates (IREA) has arranged the $54.7 million sale of the Northridge Plaza Shopping Center in Northridge. The property had been family owned for 37 years and this transaction is the first time it has changed hands since being built in 1980.

The 235,000-square-foot shopping center is located at 8741-8840 Corbin Ave. on a 16.5-acre tract. Anchor tenants include Target, Kohls and Wells Fargo.

Yubin Tao of IREA and Greg De Rubeis of LBPM represented both the buyer, Paragon Commercial Group, and the seller, NLSR LP.

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