Northridge (Los Angeles), CA
Overview
Located in a prime retail market and an expanding residential community but optioned to the tenant for many years, the 34 acre Litton Systems manufacturing campus was acquired with redevelopment in mind for a date well in the future. The time frame changed suddenly after Litton was acquired by Northrop Grumman, who determined that the facility was redundant and ordered its closure.
Results
In the face of a de facto moratorium on the conversion of industrial land to other uses within the City of Los Angeles (of which Northridge is a part), the company successfully obtained a change in zoning and general plan amendment for this 310,000 square foot industrial complex to accommodate 200,000 square feet of retail space and approximately 800 multi-family residential units. Subdividing the site, The Krausz Companies’ principals chose to retain an 11 acre parcel with a new 140,000 square foot Lowe’s and sold the remaining parcels to residential developers.
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