Behind the Deal: Why Breaking Up a Prime Asset Helped it Sell
Lee & Associates-LA North/Ventura managing principal Jim Fisher (snapped here with his daughter Christina at the company's profit distribution luncheon in March) repped JH Real Estate Partners in its recent $43M acquisition of NoHo Commons, a 60k SF retail center in North Hollywood. Jim tells Bisnow the project was initially being marketed as a single asset with apartment units and retail, but there was just too much retail for apartment investors.
The mixed-use, when built, included apartments and lofts, and was initially developed by JH Snyder. It's located across the street from the Magnolia/Lankershim Red Line Metro Station. The seller, Redrock Noho Retail, was repped by CBRE's Curtis Palmer. Jim tells us the buyer likely plans a long-term hold. Jim, along with Lee principal Mike Smith and associate Cory Stehr, also repped JH Real Estate in divesting a 14-building SoCal multifamily portfolio for $482M. The NoHo Commons deal is part of an ongoing portfolio repositioning the firm is undertaking to transition into more retail holdings.