A 44-acre office-and-industrial park in Northridge has been purchased by a joint partnership of Shubin Nadal Realty Investors of Newport Beach and DRA Advisors LLC in New York.
The buyers plan to reposition the 856,000-square-foot Harman International Business Campus acquired from NewTower Trust Co. of Bethesda. It will be rebranded “The Campus” after a multimillion dollar repositioning, which is to include demolishing certain obsolete buildings and adding new creative office, research and development and retail space.
Financial terms of the transaction were not available.
The property, which comprises four properties along Balboa Boulevard, is 100 percent leased to multiple tenants, including speaker manufacturer JBL Professional, which takes up more than 360,000-square-feet, according to real estate data firm CoStar Group Inc.
Shubin Nadal buys, repositions and develops commercial real estate along the West Coast. DRA Advisors is an investment advisor specializing in real estate investment management. It was founded in 1986 and has acquired more than $21 billion in assets, including 42 million square feet of office space. It has projects in more than 20 states.
The team of Cushman & Wakefield Capital Markets Group Vice Chairman Marc Renard, Senior Managing Director Lars Platt, Senior Director Manfred Schaub and Executive Vice President David Hasbrouck represented both sides of the deal.