Litton Site Sold to San Francisco Company
Allegheny Teledyne Inc. on Tuesday sold the 35-acre former home of its electronics division to a San Francisco-based real estate company for $25 million.
About 300,000 square feet of offices on the property--located at the northeast corner of Nordhoff Street and Corbin Avenue--is leased by Litton Industries.
Under the terms of the sale to San Francisco-based Krausz Cos. Inc., Litton will keep its lease for 10 more years, according to broker David Rush of CB Commercial in Sherman Oaks. “That will keep 800 jobs in Northridge,” he said.
Mayor Richard Riordan and City Councilman Hal Bernson helped persuade Krausz to honor the lease, he added.
Litton bought Teledyne’s electronics division in early 1995, but Teledyne (renamed Allegheny Teledyne following a merger with steelmaker Allegheny Ludlum Corp.) remained owner of the property.
Allegheny Teledyne, based in Pittsburgh, said it expects to book a fourth-quarter gain from the sale.
Rush said the property was on the market for less than a month before it was sold.
The buyer, Krausz, is a family-owned investment and development firm with holdings throughout Southern California.
About eight acres of the property are undeveloped. Krausz is considering building a hotel, commercial or retail structure there, Rush said. The eight acres are now home to one of the last remaining orange groves in the San Fernando Valley.
