89.3 F
San Fernando
Thursday, Sep 21, 2023

Construction Underway on Laemmle Theatre in NoHo

The NoHo arts district will get a new entertainment attraction as construction begins on the Laemmle movie theater in North Hollywood. The 34,000-square-foot theater will feature seven screens, stadium seating, high back loveseats, all-digital sound and wall-to-wall screens. The theater, located at the 5240 Lankershim Blvd., will focus on showing independent, foreign language, art and documentary films. Included in the development will be a 2,000-square-foot ground-level restaurant and second-floor commercial space. The project is expected to be finished for the holiday season. It’s expected to be the final component of the J.H. Synder Company’s rehabilitation of the district. The Synder Company has contributed nearly $500,000 in development funding, in addition to land and parking for the theater. Laemmle Theatres also received a $2.6 million loan from the company. “Laemmle Theatres are a favorite among film lovers, and this community asked for the family-owned business by name,” said Michael Wise, senior partner of the J.H. Snyder Company. He added: “We’re proud to be completing our redevelopment project by following through on our commitment to the public and bringing this renowned entertainment experience to the NoHo Arts District.” The company’s 10-year North Hollywood Redevelopment Program has included almost 700 new residential units, 60,000 square feet of retail and restaurant space, and a 180,000-square-foot office building, which is LEED Gold certified. Phil’s Diner recently re-opened in the district as an organic fast food restaurant. The historic trolley-car restaurant was once located on Chandler Boulevard. Sherman Plaza East and West Majestic Asset Management has acquired Sherman Plaza East and West, an office property of 267,955 square feet. Located at 15350 and 15400 Sherman Way in Van Nuys, the two-building property sits on about seven acres. The East and West buildings, constructed in 1983 and 1988, respectively, are 94 percent leased. Tenants include State of California, General Services Administration and North LA County Regional Center. “The acquisition of the Sherman Plaza property is another step towards growing our portfolio within the Los Angeles area,” said Brian Lezak, Majestic Assest Management agent. In the transaction, Majestic Asset Management was represented by David Solomon and Matt Heyn of CB Richard Ellis. Lee & Associates Darren Casamassima, principal of Lee & Associates-LA North/Ventura, Inc., recently brokered a lease renewal deal in West Toluca Lake valued at nearly $1.5 million. The seven-year lease was for a 9,018-square-foot building at 10999 Riverside Drive. Occupying the space for the past five years is 25/7 Productions LLC, whose credits include “The Biggest Loser” and “Shedding for the Wedding.” “In the current market, it’s important for landlords to be cognizant of the competitive environment in which everyone is operating,” said Casamassima. “Keeping abreast of the leases transacted in the Media District has helped us to retain our tenants and maintain a 98 percent occupancy rate at the building.” Casamassima represented the lessor Dr. Richard Sayegh. Greg Frankovich, a director at Newmark Knight Frank, represented the tenant. In another Lee & Associates transaction, Brett Warner managed the sale of a 20,000-square-foot industrial property in Valencia to principals of QSR Systems. QSR Systems, a leading provider of Avid Rental Systems to the entertainment industry, will be relocating from another facility in Valencia. Located at 24950 Kearny Ave., the total sale for was valued at more than $2 million. “With building prices stabilizing and interest rates remaining low, business owners are taking advantage of available SBA financing and choosing to own, rather than rent their facilities,” said Warner. Warner represented the buyer in the transaction. CB Richard Ellis represented the seller, The Realty Associates Fund. NAI Capital The Encino-based commercial real estate firm recently represented Ensign-Bickford Aerospace and Defense in the purchase of a 265-acre office and industrial campus in Moorpark. Included in the purchase of the complex is 166,628 square feet of buildings on top of a private hill. It’s among the largest business properties in Moorpark. EBA&D is a provider of energetic systems for missiles, space launch vehicles and ground vehicles. Special Devices Incorporated’s Defense and Aerospace Group, the property’s original occupants, were acquired by EBA&D in last March. Bill Kiefer of NAI Capital’s Ventura County office and Tim Foutz of NAI Capital’s Encino office represented EBA&D. The seller was represented by Nick Gregg and Sterling Champ of CB Richard Ellis. Staff Reporter Mary Catherine Holcomb can be reached at (818) 316-3124 or at mholcomb@sfvbj.com.

Featured Articles

Related Articles