Pendulum Property Partners and Affinius Capital have received a funding boost for an industrial and office campus in the San Fernando Valley.
The owners secured $113 million in financing from Rialto Capital Management for The Mix, a 470,000-square-foot complex spread across three buildings at 8520-8440 and 8500 Balboa Boulevard in Northridge, L.A. Business First reported. Newmark arranged the financing through its debt and structured finance team led by Jonathan Firestone alongside Blake Thompson, Peter Mavredakis and Jack Condon.
The Mix was previously owned by Shubin Nadal Realty Investors and DRA Advisors, which sold the campus in 2023 for $171 million. Newport Beach-based Shubin Nadal and New York-based DRA bought the complex in 2014 for $130 million and spent another $30 million renovating the site.
Northridge’s The Mix recently underwent capital improvements on Pendulum Property Partners and Affinius Capital’s watch. The firms converted part of the former offices at the 25-acre location into industrial space, which was followed by increased leasing and upgrades to tenant spaces. Samsung subsidiary Harman International and Charles River Laboratories’ HemaCare are among the tenants at the property, which has some occupants on long-term headquarters leases.
The Mix “exemplifies the type of high-quality, credit-anchored campus that institutional lenders seek in today’s market,” Firestone said in a statement. Pendulum Property Partners and Affinius Capital deem The Mix to be “a compelling long-term investment” due to “its scale, diversified tenancy and recent capital program [that] create a resilient cash flow profile.”
Both Pendulum Property Partners and Affinius Capital have been active with other holdings across Greater Los Angeles, including elsewhere in the San Fernando Valley.
In July, Pendulum Property Partners sold the three-building Axis office property in Anaheim for $62.5 million. A month prior, Affinius Capital announced plans for a $54.7 million preferred equity investment in The Latigo Group’s proposed Hillcrest Apartments multifamily development in Thousand Oaks.
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