A retail property in West Hollywood sold for $36.2 million.

Randall Realty Group purchased the property from Crown Equity.

Madison Partners’ Bob Safai, Matt Case, and Brad Schlaak represented the seller. The buyer was self-represented.

The property is a roughly 21,000 square foot building at 8840 Beverly Blvd. It is fully leased to Luminaire on a long-term, triple net lease.

The property was built in 1958 and renovated in 2018.

It’s been a busy time for retail in West Hollywood.

In July, the Sterling Organization acquired a two-building retail portfolio at the intersection of Melrose Avenue and Melrose Place for $35 million.

The property a one 3,275-square-foot single-tenant building and one 21,379-square-foot multi-tenant building.

Nearby, Safco Capital Corp. purchased a retail lot with a Gelson’s Market for $25.25 million. The sale was announced in March.

Gelson’s has leased back the nearly 18,000 square foot store.

While retail has faced many challenges in the last few years with changing customer expectations, online retail and fast delivery promises, streets like Rodeo Drive and Melrose Avenue are still in high demand, experts say.

The popular streets are still seeing foot traffic and demand from investors and tenants.