The Fox Village Theatre, a Westwood landmark for more than 90 years, has been sold to filmmaker Jason Reitman and an unnamed group of investors.
Newmark, the Irvine-based commercial real estate firm that completed the sale, didn’t reveal the seller or buyer of the property. But a Jan. 31 posting on theankler.com and a subsequent report in the Hollywood Reporter named Reitman and the investors as the buyer.
A San Francisco Chronicle property data site listed the seller as a trust run by Dr. Jeffrey Seltzer, based in La Jolla.
The price wasn’t disclosed, although reports circulated last summer that the property was “up for grabs” for $12 million in a listing by Newmark’s Capital Markets division.
The 24,099-square-foot Fox Village complex at intersection of Weyburn and Braxton avenues includes the 17,155-square-foot, Mediterranean-style theater and 6,944 square feet of retail space featuring a Starbucks coffee shop. The property is hard to miss, with its striking 170-foot art-deco tower that’s neon lit at night and can be seen from surrounding communities.
Carved winged lions sit halfway up the tower at the base of its projecting columns and a blue and white sign emblazoned with “Fox Westwood Village” is positioned at the bottom above the entrance.
The theater was featured in the Quentin Tarantino film “Once Upon a Time in Hollywood” and has hosted many film premieres and screenings. It was named a historic-cultural monument in 1988.
“The Fox Village Theatre is not merely a property, it is a cornerstone of Los Angeles’ culturallegacy,” said Steven Salas, Newmark’s senior managing director, said in a statement. “Its rich history, combined with the architectural marvel, has made it an iconic landmark.”
The property held an 84% occupancy rate at the time of the sale, Newmark said.
Some history
Built in 1929 and designed by Percy Park Lewis, the Fox Village Theatre has a distinguished history dating back to its grand opening in…
Read the full article here
