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Alex. Brown Realty, Inc. and CIP Real Estate sell 90,344-square foot retail center in Los Angeles, California
Contact: Thomas R. Burton
Chief Investment Officer
410-547-3009
tom.burton@abrealty.com
Baltimore, Maryland (May 15, 2007) – Northridge Promenade LLC, an affiliate of Irvine-based CIP Real Estate (CIP) and its joint venture partner, Alex. Brown Realty, Inc. (ABR), has sold Northridge Promenade for $22,000,000 to Core Realty Holdings, LLC. The 90,344-square foot retail center is located at 19510 - 19530 Nordhoff Street, within the Northridge community of Los Angeles, California. Roman Benvenuti of the Palmer Team represented the seller. John Saunders represented the buyer.
Originally built in 1984, the retail center is situated on a 5.07-acre site. Upon acquiring the center in 2002, CIP and ABR implemented a $3.8 million renovation plan. The center is currently 96 percent leased to a diversified mix of national and regional companies, including the Guitar Center, Keller Williams, and BevMo!.
“This sale illustrates the continued strong investor demand for quality retail space in the affluent Northridge submarket where the vacancy rate for retail is currently less than 1.5 percent,” noted CIP Principal Eric Smyth.
“When we acquired Northridge Promenade, we saw a great opportunity to add value to an outdated retail center with an infill location in a strong submarket,” commented John Prugh, ABR’s president and chief executive officer. “Our strategy proved successful and we are pleased with the return on investment this sale has produced.”
Northridge Promenade is adjacent to the Northridge Fashion Center, a 1.4 million square foot super regional mall, and is located less than one mile from Route 118 which connects to Interstate 5 and Interstate 105 East.
CIP Real Estate (CIP) is a real estate investment company based in Irvine, California, specializing in the acquisition, development, repositioning and management of office, business, retail, and industrial facilities throughout Southern California and Nevada. www.ciprealestate.com
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com |
