Upcoming Auctions
Fox Theatre Inglewood California
- Auction Date:
- 03/23/2010 5:00 PM (Closed)
- Address:
- 115 N Market St
Inglewood, CA 90301
United States [Map | Driving Directions] - Type:
- Special Purpose
- Representatives:
- DAVID E. GILMORE, CCIM, CAI, AARE
- 12,090 sq/ft
Fox Theatre Inglewood California
Sealed Bid Auction! Fox Theatre to sell to the highest bidder above $200,000.
SEALED BID DATE EXTENDED TO MARCH 23, 2010 - 5:00 P.M. CALL BEN CHERNEY AT 310-691-1350 FOR DETAILS.
This 12,090 square foot building, containing 1,166 theater seats, stands as a historic, art deco/moderne landmark along Inglewood's scenic downtown thoroughfare, Market St. This theater served as one of the main sites for Hollywood premiers in the 1950's with stars such as Marilyn Monroe and the Three Stooges gracing its plush seating and grandiose interior decoration. The Fox Theatre was last operational in 1984 and has been closed since. Currently, both the exterior facade and interior theater need restoration due to deterioration and water damage over the years, however many of the original fixtures and theater equipment are still intact and remain in the building.
Situated on a larger parcel than most other buildings in the area, approximately 11,247 square feet, this vacant former movie theater provides a rare redevelopment or renovation opportunity. The Property is in a redevelopment district with flexible C-1 zoning and an FAR of 6:1. This building offers a developer the opportunity to build almost any type of mixed use commercial/residential project. The property also benefits from having alley access from the rear of the building and public parking nearby.
Since 2000, the city of Inglewood has focused its efforts on revitalizing this section of the city through facade improvement programs and landscaping. The art deco buildings from the early 1920's, landscaped medians, fountains and access to public transportation make this a desirable location for retailers. Within close proximity are national tenants such as Walgreens, Big 5, Ralph's, Starbucks, Bank of America, McDonald’s, IHOP, Radio Shack and Vons, as well as two major hospitals, LAX, the 405, 105 and 110 Freeways and Inglewood City Hall. The subject property is also within a mile of the Forum and Hollywood Park, which are at the center of redevelopment plans for the city since the 378 acre site was purchased by Bay Meadows in 2004.
The dense population of over 48,000 people within a 1 mile radius, with an average household income of over $47,000, is expected to grow more than 5 percent over 2005 - 2010. Inglewood has also seen a major shift in the ethnic demographics of the area in the past 10 years with the tremendous growth of the Hispanic population, who now make over 60% of Inglewood’s population.
The subject property was built in 1949 and consists of Lots 14, 15, 16 in block 312 of the Townsite of Inglewood Tract, in the City of Inglewood, County of Los Angeles, State of California, as per map recorded in Book 34, Page 19 of Miscellaneous Maps, in the office of the County Recorder of said County.
Click the link below to see the video of the Fox Theatre:
Fox Theater
Click here for more information on the Fox Theatre from Cinema Treasures website: Fox Theatre
Sealed Bids are now due on March 23, no later than 5:00 p.m. C.S.T. The initial offer must be enclosed in a sealed envelope and delivered by U.S. Mail, Overnight Express Mail, or hand delivered to the office of Sperry Van Ness/Gilmore Auction Co., 3316 Florida Ave., Suite 201, Kenner, LA 70065-3645. The package must include signed copy of the Purchase Agreement, Terms and Conditions and Bidder deposit of $50,000 made out to Wilshire Escrow Company/Windsor Exchange Corp. Please see "Bid Package" in the documents below for all documents needed to bid.
In cooperation with Ben Cherney 310.691.1350
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