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2/16/24
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Here’s news of an interesting property trade we wanted to share, even though we don’t have that much info, although we do have this cool drone pic. The property is the iconic Fox Village Theatre, located at 945 Broxton Ave and 10959 Weyburn Ave in the heart of Westwood Village in Los Angeles.
Although we were not told who the buyer is, multiple sources suggest it is an investor group led by filmmaker Jason Reitman. From what we heard, the property was being marketed for around $11 - $12 mil last year, although we don’t have the final price in this deal.
Situated at the prominent intersection of Weyburn and Braxton Avenues, Fox Village Theatre spans a combined building area of 24.1k sf. This includes a 17.2k sf operating theatre and an additional 7k sf of retail space, featuring a 3.1k sf Starbucks outlet. The property presents distinctive architectural elements, including a 170-foot tower that provides a unique and recognizable identity.
Built in 1929 and designed by Percy Park Lewis, the Fox Village Theatre has a distinguished history dating back to its grand opening in 1931. The property holds an 84% occupancy rate at the time of the sale.
Steven Salas, Bill Bauman and Kyle Miller with Newmark represented the undisclosed sellers in the transaction.
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