Paragon nabs Northridge retail complex for $55M
Retail investment firm Paragon Commercial Group has scooped up a retail complex known as Northridge Plaza near Canoga Park for $54.7 million in an off-market deal, according to Real Capital Analytics.
The seller was an entity linked to Steven Borick, the former CEO of Superior Industries International, a manufacturer of aluminum wheels for passenger cars and light-duty vehicles.
Greg De Rubeis of LBPM represented the seller, while Yubin Tao of Investment Real Estate Association (IREA) represented the buyer. Tao declined to comment on the sale.
Neither the buyer or seller could immediately be reached.
The property, at 8840 Corbin Avenue, spans 235,000 square feet across 16.5 acres and is leased to anchor tenants such as Target, Kohls and Wells Fargo.
Paragon financed the acquisition with a $35 million mortgage from Bank of America, RCA shows.