The retail portion of NoHo Commons, a mixed-use development in North Hollywood, recently commanded big dollars for a small space. Its 65,000 square feet traded for $43 million.
The deal equates to a very strong $681 per square foot. JH Real Estate Partners purchased the center from RedRock Noho Retail LLC, a joint venture between Redwood Partners Inc. and Rockwood Capital LLC.
RedRock Noho Retail is getting quite a return on its investment. The venture acquired the center in 2007 for $30.5 million.
The retail at NoHo Commons is currently 97 percent leased. Included in its necessity tenant lineup include 24 Hour Fitness, Coffee Bean & Tea Leaf and Panera Bread.
CBRE represented RedRock Noho Retail in the deal, and Lee & Associates handled the transaction for JH Real Estate.