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1/12/17
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The iconic Bay Theatre in Seal Beach has traded hands in a recent sale valued at $2.1 mil. The single-screen theater, located at 340 Main St and the Pacific Coast Hwy, was purchased by Dunlap Property Group.
The theater has been a significant gathering spot for locals since it opened in 1947. It featured independent, foreign and classic movies on 35mm film for $8 admission until it closed in 2012. The noticeably large structure stands out among the boutiques and other shops on Main Street in Downtown Seal Beach.
The building has roughly 5k sf on the ground theatre floor and an additional 2.2k sf combined of apartment and office on the second and third level.
The buyer plans on extending the roof deck, which will add additional square footage. The new owner also intends on completely restoring the single-screen theatre and transforming it into a luxury entertainment venue to include a wide variety of performances, including live theatre and music, movie screenings, and other private events. Beer, wine and other concessions will be served to the guests during performances.
CBRE’s Nathan Holthouser and James Lehigh represented both the buyer and the seller, R E Loderhose Enterprises Inc, in the deal.
"This is one of the most difficult transactions we have completed, due to a multitude of entitlement hurdles and also finding a buyer who could see the true potential and assume those entitlement risks,” said Lehigh. “We worked very closely with the city while we interviewed potential buyers. Since a complete renovation will be so costly given the current condition of the property, we had to find the buyer who was going to be passionate enough to make the project pencil." Paul Dunlap was the needle in the haystack.”
Dunlap has experience in preserving historic buildings, including The Villa Del Sol, a mixed-use site in Downtown Fullerton. The Spanish-style property was built in the 1920s and renovated in the 1990s and is now home to some of Downtown Fullerton’s favorite restaurants, and retail. Many weddings and other private events are held in its lavish courtyard.
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