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Follow on Google News | Lee & Associates-LA North/Ventura Transacts NoHo Commons Retail Sale for $43 Million61,000 SF Center Among First Transit Oriented Mixed Use Projects Built in L.A.
By: Lee & Associates The 60,930-square- “Multifamily development in this NoHo area has outpaced retail development, and as the population has grown, centers such as this one have become extremely successful,” The center, which is nearly fully leased, is occupied by 24 Hour Fitness, Coffee Bean & Tea Leaf, Daphne’s California Greek, Panera Bread, Panda Express, Wells Fargo, Fish Dish and Big Wangs. NoHo Commons, a mixed-use project that, when built, included apartments and lofts, was initially developed by JH Snyder Co. in 2004. How’s Grocery was the first to anchor the retail portion but the company closed in 2011, and 24 Hour Fitness has since taken its place anchoring the center. The center is located across the street from the Magnolia/Lankershim Red Line Metro Station. The seller, Redrock Noho Retail, LLC, was represented by Curtis Palmer of CBRE. Fisher and Smith recently represented the buyer, JH Real Estate Partners, in divesting a 14-building Southern California multifamily portfolio for $481,250,000. The Noho Commons acquisition is part of an ongoing portfolio repositioning that JH Real Estate Partners is undertaking to transition into retail holdings. About Lee & Associates Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information can be found at http://www.lee- End
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