634-640 S. Alvarado Street, Los Angeles, CA 90057

Westlake was originally developed as an upscale retail, residential and entertainment communities in pre-WWII Los Angeles, one mile from downtown. Historically, Westlake has been one of the most affordable locations for residential in Los Angeles, but proximity to Echo park and Silver Lake – two of the trendiest neighborhoods in Los Angeles – coupled with the recent increase in demand for housing has transformed the area into one of the most active locations for new residential development. Only DTLA and Northeast Los Angeles have a higher percentage of units under construction. Six projects with 413 total units were delivered in the past two years, with an additional 1,027 units in 17 projects under construction and 825 units are planned. Despite the new construction, apartment rent growth has outpaced that of DTLA and the County over the past 12 months. Retail and apartment vacancy is also lower than both areas as well. The subject occupies a prominent location in the neighborhood, across the street from MacArthur Park, and one lot north of Wilshire Boulevard. The Westlake/MacArthur Park MetroRail Station located one-half block south and completed in 1993, coupled with the lively street scene adds to the retail desirability of this neighborhood. Pedestrian and vehicular traffic are among the highest in the county

CBRE, Inc. is pleased to announce its engagement as marketing consultant for the sale of the 33,291 square foot Historic Westlake Theatre Swap Meet/Adaptive Reuse development in the heart of Westlake at 634-640 South Alvarado Street, Los Angeles.

Located in the vibrant Westlake District of Los Angeles, and in proximity to MacArthur Park and the MacArthur Metro Rail Station, this neighborhood has one of the highest residential densities in the city. Pedestrian and vehicular traffic are also enormous, with frontage on Alvarado Street one lot north of the iconic Wilshire Boulevard. This building - both on the National Register of Historic Places and the City of Los Angeles Historic-Cultural Monument list - has a Classical design hierarchy, infused with Assyrian motifs and theatrical whimsy. Many of the original design elements remain intact, including the Art Deco ticket booth (added in 1935) and much of the interior.

Originally opened on September 22, 1926 as a gala Hollywood event, this 1,949-seat, 33,291 square foot two-story (plus mezzanine and basement), Class B (reinforced concrete frame and masonry floor) building was originally built in the Mission/Spanish Colonial revival Style, with Churrigueresque (Spanish Rococo) detailing on the exterior and Renaissance and Adamsesque references on the interior.