Lee & Associates-LA North/Ventura Transacts NoHo Commons Retail Sale for $43 Million

HOLLYWOOD, Calif. - May 26, 2015 - PRLog -- LOS ANGELES – May 25, 2015 –The NoHo Commons retail center, part of one of the first mixed-use, transit –oriented developments to be built in the San Fernando Valley of Los Angeles, has traded for $43 million or $706 per square foot, according to Lee & Associates Managing Principal Jim Fisher, who represented the buyer with Lee Principal Mike Smith and Associate Cory Stehr.

The 60,930-square-foot center, located at 5300 Lankershim Blvd. in North Hollywood, was acquired by JH Real Estate Partners, a privately held investment firm.

“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,” said Stehr.

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

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