From Movie House to Mixed-Use: Historic South Bay Asset Sells for $18M
- Aug 14, 2019
Federal Realty Investment Trust has sold The Bijou Building, an historic mixed-use property in Hermosa Beach, Calif., for $18 million. Newmark Knight Frank represented both parties. Additionally, the brokerage firm secured acquisition financing on behalf of the buyer.
Situated at 1221 Hermosa Ave., the 23,172-square-foot property was constructed in 1923 and was originally called the Metropolitan Theatre, the first of the venue’s many names. After decades as a cinema, the property closed in 1996 and was converted to retail two decades ago, according to an account in the Daily Breeze, a local newspaper.
The building currently encompasses office and retail space and is 94 percent leased to tenants such as Chase Bank, Beach City Capital, Steel Partners and Bar Method.
The Bijou Building is adjacent to several dining and shopping destinations and is within a 7-minute walk of Hermosa Beach Pier. Additionally, the property is near Freeway 1, which provides access to Los Angeles International Airport.
NKF’s brokerage team representing the seller included Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White, Rob Hannan and Sean Fulp, Senior Managing Director Laura Stumm, Managing Director Ryan Plummer and Vice Chairman Brad Feld.
Senior Managing Director David Ghermezian, Director Amir Araghi and Broker Jonathan Dadourian acted on behalf of the buyer. In July, the firm also arranged the $51 million sale of an office building in El Segundo, Calif.