CorAmerica JV Buys 254,000-SF Shopping Center
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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.
“This is a perfect opportunity to a sizeable infill retail project in a high-density submarket, with upside, at an attractive price,” said Bill Petak, managing principal at CorAmerica, in a prepared statement. “CorAmerica plans to enhance property value with an immediate capital-improvement, leasing and merchandising program.
As GlobeSt.com previously reported, we learned exclusively last month that Wilson Commercial had promoted Scott Burns to president and partner of the firm. Chris Wilson now serves as founder and chairman of the organization. Additionally, Shauna Mattis and Peter Kay were been promoted to senior vice president and vice president, respectively.
At the time this was reported, Wilson told GlobeSt.com that the box market was tightening to nearly zero vacancy in urban densified markets. “Shop and pad space in neighborhood markets is also limited with vacancy rates below 5% and new development in these markets is very close to becoming a requirement to satisfy 2013-2014 demand.”
For an irreverent look at the ups and downs of the retail industry, check out Counter Culture authored by GlobeSt.com Editor, Ian Ritter.
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