West Hollywood retail deal tops recordbooks

Property fetches an unprecedented $1,724 per square foot

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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. According to Ahron, the buyer is negotiating a lease with a popular retailer. Charles Dunn Co. is a full-service brokerage and property management firm operating in California and Arizona. ...