$35 Million Four-Property Sale Includes Northridge Retail Site

Weiss Development has sold a four-property retail portfolio with sites in Northridge and in Torrance for a combined $35 million to an undisclosed buyer. Newmark Knight Frank’s Vice Chairman Bill Bauman, Executive Managing Director Kyle Miller and Senior Managing Director Dan Samulski represented the seller in the transaction. According to a Newmark Knight Frank statement, the buildings total 65,400 square feet of retail space. The Northridge site has a Petco, located at 8800 Tampa Ave. in a 14,280-square-foot property that is an outparcel to a Costco, located at 8810 Tampa Ave. The brokerage described the buyers as a combination of private and institutional investors. “There continues to be significant demand for well-located retail assets in Los Angeles. NKF advised the seller that a break-up strategy to individual investors would yield the highest value, therefore we deployed a patient strategy and targeted 1031 buyers and existing ownerships within the surrounding shopping centers,” said Bauman in a statement. “Three of the four buyers were active 1031 buyers with the fourth being an institutional owner that already controlled the balance of the shopping center.”