Nela Development Sells 2 Highland Park Buildings for $5.8M
Two Highland Park buildings have traded hands for $5.8 million in what was one of the more expensive deals in the area by square foot.
The two adjacent commercial buildings, at 5532 and 5526 North Figueroa Street, span a total of 9,101 square feet and are located at the corner of Roselawn Place.
The seller, Nela Development, paid $1.5 million for 5526 North Figueroa less than a year ago, and an entity associated with Nela has owned 5532 North Figueroa since 2004.
JLL’s Dana Brody and Nicole Mihalka represented the seller and Aram Pogosian of Industry Partners represented the buyer, an unnamed private investor.
“Highland Park is one of L.A.’s fastest growing neighborhoods with appreciating property values and strong fundamentals,” said Brody. “The buyer now has a blank slate to lease to tenants that complement the existing businesses of the area.”
Highland Park is located in Northeast L.A., south of Eagle Rock and Pasadena. The area has undergone a rapid renaissance over the last several years, with Figueroa Street in particular experiencing renewed pedestrian activity and nightlife.