Colliers International has completed the sale of the United States Postal Service’s (USPS) main Northridge facility located near California State University, Northridge (CSUN), according to Vice President Jeff Gould, who represented the seller in this off-market transaction.
Seller of the property, which includes a leased 12,500-square-foot postal facility on 1.54 acres located one block west of the sprawling, 350-acre CSUN campus, was Reseda Halsted Partners LLC, a private investment firm based in Santa Monica. Symphony Development, a Los Angeles-based investment and development firm, was the purchaser.
Located at 9534-9546 Reseda Blvd., the buyer was attracted to the site because of its frontage on Reseda Boulevard, dense in-fill location, existing income stream and proximity to CSUN, Gould noted.
“The area surrounding CSUN benefits from strong economic drivers, including a growing student population, and an overall lack of retail and housing amenities, to meet this growing demand,” said Gould. “This property offers the buyer the benefit of a steady income stream from the existing tenant, while owning a valuable piece of land in an area that is primed for future appreciation and redevelopment.”
As the third-largest public university in the state (only UCLA and Cal State Fullerton have more full-time students), Cal State Northridge had a record enrollment of some 38,000 students last fall, which included 10,000 first-year students, the largest freshman class in the college’s 56-year history. The university’s master development plan forecasts an annual growth rate of more than 1 percent annually over the next 20 years, underpinning the need for new development in the area to meet this growing demographic.