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Retail Center Fetches $43M

LOS ANGELES—NoHo Commons, a 60,930-square-foot retail center, trades hands between Redrock Noho Retail and JH Real Estate Partners for $706 per square foot.

By Kelsi Maree Borland | Updated on May 22, 2015

LOS ANGELES—JH Real Estate Partners has acquired the NoHo Commons shopping center in North Hollywood from Redrock Noho Retail for $43 million, or $703 per square foot. The 60,930-square-foot center was part of an exchange for JH Real Estate Partners, which recently disposed of a 14-building multifamily portfolio for $481 million.

“As part of an exchange, JH Real Estate is buying retail properties, and they liked this property for its location,” Jim Fisher, a managing principal in Lee & Associates L.A. North/Ventura office, tells GlobeSt.com. “It is next to the red line transit station in North Hollywood. They also really liked the tenant mix. There is a 24-hour Fitness and some food tenants. The property has been completely renovated and is turn-key, so this was a solid investment for my guys.” Fisher represented the buyer in the transaction along with Lee & Associates principal Mike Smith and associate Cory Stehr. Curtis Palmer of CBRE represented the seller.

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