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by CareyBot

Charles Dunn Co. negotiated the sale of a rather small retail building in West Hollywood, Calif., which commanded a rather large price per square foot, the company reported. The 4,639-square-foot building, located at 8457 Melrose Place, sold for $8 million. At $1,724 per square foot, this was the all-time highest price paid per square foot in West Hollywood, according to CoStar Realty Information Inc. Paul Ferrante Inc. sold the property to 8457 Melrose Place LLC. "It's no surprise that this was a record-breaking sale," said Jonathan Ahron, director of Charles Dunn's West Los Angeles office. "This area of West Hollywood is a hot rental market and an incredibly desirable district for high-end fashion designers." Built in 1938, the single-tenant property was vacant at the time of sale. ...