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Northridge, Calif. — Cushman & Wakefield has arranged the sale of Northridge Promenade, an 89,473-square-foot shopping center in Northridge.
PacWest Management acquired the asset through the Ten-X online auction platform for $16.4 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the deal on behalf of the seller, LNR Partners LLC. Guitar Center anchors Northridge Promenade, which was 82 percent leased at the time of sale. The center sold as “Covered Land Play,” which provides the opportunity for potential future residential use and/or mixed-use development.