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5/12/26
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A Los Angeles-based investor group led by the Laemmle family, founders and operators of the critically acclaimed Laemmle Theatres, has re-acquired the Laemmle NoHo 7, a 32.8k sf, theater-anchored mixed-use retail and office property located in the heart of the NoHo Arts District in North Hollywood, for $6.5 mil ($198/sf). Originally constructed in 2011, the property is located at 5240 Lankershim Blvd, east of the 170 Fwy and just north of Magnolia Blvd.
The acquisition was completed as part of a 1031 exchange following the disposition of a former theater asset previously owned and operated by the family. In 2021, amid a frothy development market and pandemic-driven headwinds facing the theater industry, the Laemmle family sold the NoHo Arts District property to a Charlotte-based development group with plans to redevelop the site into a mixed-use project featuring ground-floor retail and luxury multifamily housing.
Ultimately, a confluence of factors, including the prolonged and costly entitlement process in Los Angeles, affordable housing mandates, shifting capital markets, and the implementation of ULA transfer taxes, rendered the housing project infeasible. Given the tremendous headwinds facing the Charlotte developers, the Laemmle investment group was ultimately presented with an opportunity to reacquire the property and return the asset to long-term family ownership.
Upon stabilization, the property will once again be anchored by a Laemmle Theatre operating in the same capacity and use as it did under prior family ownership, alongside an existing ground-floor tenant, Chipotle. The upper-level office space, previously vacated in anticipation of redevelopment, will be repositioned and leased to drive additional income and value.
The property sits adjacent to the headquarters of the Academy of Television Arts & Sciences, the organization behind the Emmy® Awards, reinforcing its position within one of Los Angeles’ most culturally significant entertainment corridors. The acquisition reflects a deliberate recommitment to the city’s cultural fabric; Lankershim Boulevard has long anchored independent film and the performing arts, once serving as ground zero for a vibrant network of theaters and playhouses. As theatrical exhibition continues to evolve, the Laemmle family’s reinvestment in this iconic location signals a clear conviction that enduring demand remains for a curated, community-driven cinema experience.
Pegasus, led by CEO David Chasin, represented the buyer in this transaction.
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