NoHo Shopping Center Fetches $6 Million

The North Hollywood shopping center at 6005 Vineland Ave. known as Palms Plaza has sold for $6 million in a deal cemented in May, according to CoStar Group. Ginger Investors LLC purchased the two-story, 15,870-square-foot retail property for $378 a square foot. Mo Moti of North Hollywood sold the commercial property to Ginger, the real estate company of Vahe Vartanian of Tarzana. Brandon Michaels of brokerage Marcus & Millichap represented both buyer and seller. Built in 2008, Palms Plaza has 7,935 square feet per floor. Occupying 1,050 square feet of ground floor space, Subway Restaurants has the biggest footprint among some 19 commercial tenants at this site. Other leaseholders include Metro PCS, North Hollywood Nails, Hot Box Café, Grigoryan Insurance Services, Dom Moi TV and Slusheeland.