$8.5M Acquisition Loan on a Former Rite Aid One Block From Cal State Northridge

The county coded this loan as retail. The lender is the reason to look closer. Low Income Investment Fund recorded an $8,500,000 deed of trust on 18444 Plummer Street in Northridge, executed June 4, 2026 and recorded June 9 under Los Angeles County document 420797, crossing two parcels. The sale recorded May 29, 2026 at $8,500,000, so the loan equals the full recorded purchase price. The borrower is 18444 Plummer Street LP, a single-asset partnership named for the address.

The building is a freestanding single-story retail box of 16,224 square feet, built in 1999 with a drive-thru, at the southeast corner of Reseda Boulevard and Plummer Street. It operated as a Rite Aid pharmacy and is now closed. Prior listing pages marketed it through 2024 as vacant single-tenant retail, noting 69 parking spaces and a location one block from the Cal State Northridge campus and its tens of thousands of students. The seller of record is College Block LLC, an entity tied by name to the adjacent College Block Shopping Center.

Low Income Investment Fund is a San Francisco headquartered nonprofit and certified community development financial institution with a Los Angeles regional office. Its published lending sectors are affordable housing, early care and education, community facilities, charter and educational facilities, and health facilities, with self-reported totals of $3.9 billion invested. Ordinary retail is not on that list, which invites an inference about what this building will become. This page does not make it. What the record proves: a mission lender financed 100 percent of the recorded purchase price of a vacant former pharmacy. What no public source yet shows: the intended use, an operator, a license, a lease, or a planning application. The deed recorded in June 2026, and any conversion filing would postdate it. Until one appears, the end use is unconfirmed.

Within LoanList's 57 tracked Los Angeles closings the loan sits 48th by amount, but its nearest neighbors make the comparison sharp. Three tracked Los Angeles retail closings landed within $50,000 of this one this spring: $8,500,000 from Citizens Business Bank in Marina Del Rey, $8,500,000 from Live Oak Bank in Long Beach, and $8,550,000 from East West Bank in Hacienda Heights. All three came from banks. This is the only tracked retail closing in the market from a CDFI, and the only one at 100 percent of recorded purchase price.

For owners of dark single-tenant retail, the record documents a buyer pool that most brokers do not market to: mission-driven acquirers financed by CDFIs, paying full recorded price for vacant boxes near anchor institutions. A shuttered pharmacy one block from the Cal State Northridge campus attracted that capital here. Owners holding similar vacancies are sitting on the same trade.