Federal Realty sells off historic Bijou Building in Hermosa Beach

The beach town has been attracting an increasing number of investors recently

Los Angeles /
Aug.August 13, 2019 01:00 PM
Federal Realty CEO Donald Wood and the Bijou Building
Federal Realty CEO Donald Wood and the Bijou Building

A historic theater repurposed into a retail and office building in Hermosa Beach has sold for $18 million, as the beach town attracts an increasing number of investors.

The seller was Federal Realty Investment Trust, a retail real estate investment trust based in Maryland. An LLC named 1221 Hermosa Ave bought the 23,170-square-foot property. The purchase worked out to roughly $772 per square foot.

Newmark Knight Frank, which brokered both sides of the deal, announced the sale.

Located at 1221 Hermosa Avenue, the Bijou Building is three stories. Originally known as The Metropolitan, it was built in 1923 as a theater. Former owner CIM Group repurposed the shuttered theater into a retail building in the early 2000.

It is currently 94 percent occupied to tenants including Chase Bank, Beach City Capital, Steel Partners and Bar Method.

Last month, an auction for the Federal Aviation Administration’s longtime West Coast headquarters in Hermosa Beach prompted a bidding war that brought its sales price from an $8 million starting bid to nearly $40 million. Designed by Cesar Pelli — who died last month — that six-story at 1500 Aviation Boulevard sits on about 11.5 acres.


Related Articles

arrow_forward_ios
Prime Group CEO John Atwater with Playa Pacifica and The Gallery (Brown, Marcus and Millichap)
Prime Residential pays $275M for Equity Residential rental portfolio
Prime Residential pays $275M for Equity Residential rental portfolio
600 The Strand and Cindy Robinson Mullen (Realtor, Tim & Cindy)
Helicopter heiress lists Hermosa Beach home for $23M
Helicopter heiress lists Hermosa Beach home for $23M
Century Plaza project at 2025 Avenue of the Stars and Woodbridge Capital Partners' Michael. Rosenfeld (CoStar)
Stake in the Century Plaza Hotel heads for auction block
Stake in the Century Plaza Hotel heads for auction block
Cobby Pourtavosi with Four Points by Sheraton at LAX (LinkedIn, Google Maps, Getty)
Cannabis entrepreneur pays $55M for Four Points LAX hotel
Cannabis entrepreneur pays $55M for Four Points LAX hotel
Mayoral candidate Rick Caruso (Illustration by The Real Deal with Getty)
Caruso refills campaign coffers with $7M contribution
Caruso refills campaign coffers with $7M contribution
John Wayne and 2612 Mesa Drive in Newport Beach (Getty, Zillow)
Former duck farm in Newport Beach asks $25M
Former duck farm in Newport Beach asks $25M
Valley Central at 44400 Valley Central Way in Lancaster (Google Maps, Getty)
Lancaster shopping center trades for $45M
Lancaster shopping center trades for $45M
Lisa Optican with Douglas Elliman (Douglas Elliman, Loopnet, Getty)
Lisa Optican joins Douglas Elliman from Hilton & Hyland
Lisa Optican joins Douglas Elliman from Hilton & Hyland
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...