N95 mask-maker 3M sells Northridge manufacturing plant

Altaris Capital Partners paid $36M for the property as part of deal to acquire 3M subsidiary

3M CEO Mike Roman and Altaris Capital Partners Principal Garikai Nyaruwata
3M CEO Mike Roman and Altaris Capital Partners Principal Garikai Nyaruwata

A spinoff of 3M, the company that makes N95 masks, has sold a Northridge manufacturing plant.

Altaris Capital Partners paid $35.7 million to acquire the 168,000-square-foot property from Kindeva Drug Delivery, property records show.

While 3M makes the N95 masks that healthcare professionals use to protect against the coronavirus, Kindeva develops and manufactures drugs and delivery systems. Its microneedle delivery system is being used to develop a Covid-19 vaccine as well as therapies for other illnesses like osteoporosis.

The 8.6-acre property at 19951 Nordhoff Street is in an industrial area of northwest San Fernando Valley. The plant was built in 1975, according to Realtytrac.

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The sale closed on May 5 and appears to be part of the larger spinoff. 3M is retaining a 17 percent stake in Kindeva, which was formerly called 3M Drug Delivery Systems.

Altaris paid $650 million for the company, according to a May 1 release on the deal. The New York-based firm invests in the healthcare sector and manages $4 billion in equity capital, according to its website.

The L.A. industrial market was one of the tightest in the country before the pandemic hit. Overall, the coronavirus has highlighted the need for distribution centers, as delivery orders for essentials have spiked.

Minnesota-based 3M is one of the largest conglomerates in the country. Its real estate footprint includes 80 manufacturing facilities in the U.S. and more than 100 outside the country.