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Automotive Property Sells for $3.1 Million in North Hollywood

Hannah Madans Welk
By Hannah Madans Welk
55

An automotive business property in North Hollywood has sold for $3.1 million with an eye toward redevelopment. The parcel at 11604-11616 Vanowen St., which spans 7,842 square feet with a building was erected in 1927, was sold in an all-cash deal. Both buyer and seller were brokered by Karl Niehaus, chief executive of CREI, a Keller Williams affiliate. CoStar Group identifies the seller as Bovon and Sandra Chung. The couple had purchased the property for $300,000 in January 1995. According to Niehaus, the new owner purchased the property from an owner-user and will now redevelop the land. Comparable recent deals in the NoHo submarket include the sale of 6501-6507 Lankershim Blvd. in February for $2 million; and 6336-6342 Woodman Ave. in February for $2.58 million.

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Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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