JV sells Northridge Promenade

A joint venture has sold a 90,344-square-foot retail center in Northridge, Calif., for $22 million.

CIP Real Estate and an investment fund of Alex Brown Realty Inc. unloaded the property on Newport Beach-based Core Realty Holdings LLC.

The five-acre property underwent a "significant" transformation in 2002, according to a press statement, when it underwent a multimillion-dollar renovation and redevelopment. A new Guitar Center building was added, while upgrades took place on building facades, parking lots, and landscaping, along with new sidewalks and roofs.

At the time of sale, the property was nearly 95 percent leased to tenants that included Guitar Center, Beverages & More (BevMo), Keller Williams and LA Buffet.

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