Los Angeles — Pegasus has arranged the $6.5 million sale of Laemmle NoHo 7, a 32,809-square-foot theater-anchored retail and office property in the North Hollywood neighborhood of Los Angeles. David Chasin of Pegasus represented the buyer, a locally based investor group led by the Laemmle family — founders and operators of Laemmle Theatres.
Located at 5240 Lankershim Blvd. in the NoHo Arts District, the property was originally constructed in 2011. The acquisition was completed as part of a 1031 exchange following the disposition of a former theater property previously owned and operated by the Laemmle family.
This purchase marks the Laemmle family’s reacquisition of the property, which it sold in 2021 to a developer with plans for a mixed-use redevelopment. The redevelopment strategy ultimately fell through, allowing the Laemmle family the opportunity to repurchase the property.
Upon stabilization, NoHo 7 will be anchored by Laemmle Theatres. The existing ground-floor tenant, Chipotle Mexican Grill, will remain and the upper-level office space, which was vacated in anticipation of the redevelopment, will be repositioned and leased.