Trammell Crow Co. Sells Northridge Business Park

The Trammell Crow Co. has sold the Harmon International Business Park in Northridge in a two-stage transaction valued at more than $79 million--$34 million more than the 44-acre project cost Trammell Crow slightly more than a year ago.

A consortium of pension funds from the states of Alaska and Washington acquired the project at Balboa Boulevard and Napa Street through Kennedy Associates Real Estate Counsel, a Seattle-based pension fund adviser. Allen K. Meredith, managing general partner for Trammell Crow, added that Stanfill Paulson and Co., San Francisco, located the buyer.

Trammell Crow purchased the property for $45 million in May, 1986. Since the purchase, Meredith has directed the subdivision of the property, refurbishment of the structures and reorientation of the project toward Balboa Boulevard.

The renovation includes the upgrading of four existing office buildings totaling 132,560 square feet, the rehabilitation of the 416,000-square-foot JBL loudspeaker manufacturing facility and the remodeling of a 122,800-square-foot building occupied by Micom.

It also includes the construction of a new 160,000-square-foot office building/service center, expected to be completed in February. The architect for the new building and the renovation of the 800,000-square-foot business park is Arechaederra/Hong/Treiman Architects Inc., Santa Monica.

Earlier this year, Meredith said that the project will benefit the entire San Fernando Valley by bringing older facilities up to the contemporary standards of business and industrial parks in such communities as Chatsworth, Moorpark and Simi Valley.

Trammell Crow will be in charge of leasing and property management, he added.