The single-screen theater, located at 340 Main Street and the Pacific Coast Highway, 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 5,000 square feet on the ground theatre floor and an additional 2,200 square feet 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, according to Paul Dunlap, president of Dunlap Property Group. Beer, wine and other concessions will be served to the guests during
"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 of CBRE. “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
“This is the second time we have exclusively listed The Bay Theatre for sale and we are very happy to finally get this deal done, for everyone’s sake,” said CBRE’s Holthouser. “I know the City of Seal Beach and its surrounding residents are going to be very happy with the revitalization of the theatre, and ultimately this is what we aim to do for these vibrant coastal communities.”
Holthouser and his team exclusively focus on retail properties along the Southern California coast as well as urban high-streets anywhere between Santa Barbara and San Diego.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.