A Northridge property that housed a long-time San Fernando Valley Cadillac dealership has been sold for $5.7 million to a Beverly Hills developer.
David Schwartzman, chief executive of Harridge Development Group, will likely redevelop the 3.3-acre site at 8350–8454 Reseda Blvd. into a mixed-use project, said broker Lynwood Fields, a co-founder of Madison Partners of West Los Angeles.
“He played around with a bunch of ideas but will probably put in some mixture of retail and residential,” said Fields, who represented Schwartzman in the off-market transaction that closed March 27.
Calls placed to Harridge were not returned. However, according to the company’s website, it has completed developments in Hollywood and Silverlake and targets “vacant or underutilized land sites” for residential and mixed-use development.
The seller was Lehr Properties LP of Newport Beach, owned by the family of H. Neill Lehr, who opened a Cadillac dealership in San Fernando in 1948 and moved to the site at the northeast corner of Roscoe Boulevard in the 1960s. The property was later occupied by Rydell Cadillac.
Currently three tenants occupy the site, which was featured in the 2011 movie “Drive.” The most prominent tenant is the Picture Car Warehouse at 8400 Reseda Blvd., which leases vintage autos to the film industry. Development will begin after the current leases expire in about 18 months, Fields said.
Brokers David Young and Chad Gahr of NAI Capital of Encino represented the seller in the deal.