Three NoHo Office Buildings Sell for $32 Million

Three North Hollywood properties have sold for $32 million, according to CoStar Group Inc. Canyon Partners Real Estate, a real estate investment firm in Los Angeles, paid about $830 a square foot for 5101 to 5107, 5125 and 5115 Lankershim Blvd., a total of 38,500 square feet of office and flex buildings. The seller was Camden Securities Co. of White Plains, N.Y. The properties, a mix of B and C space, were built as early as 1934 with the youngest built in 1958. Total land for the buildings is about 2 acres, all zoned commercial. The nearest comparable sale to the properties is 2210 W. Olive Ave. in Burbank, which sold for about $453 a square foot in early May. The 21,000-square-foot office building was built in 1992. Canyon Partners, the buyer, didn’t respond by deadline to questions as to why the properties sold for such a significant amount over comparables.