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.