LOS ANGELES — Pegasus has arranged the purchase of Laemmle NoHo 7, a marquee theater-anchored retail and office property in the North Hollywood neighborhood of Los Angeles. A locally based investor group led by the Laemmle family, founders and operators of Laemmle Theatres, acquired the asset for $6.5 million. Located at 5240 Lankershim Blvd. in the NoHo Arts District, the 32,809-square-foot property was originally constructed in 2011. The acquisition was completed as part of a 1031 exchange following the disposition of a former theater asset 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 to redevelop the asset into a multifamily and retail property. The redevelopment strategy ultimately fell through, allowing the Laemmle family the opportunity to repurchase the asset. 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 redevelopment, will be repositioned and leased. David Chasin, along with the Pegasus team, advised the buyer in the acquisition.
