HOLLYWOOD-A new owner has acquired the Fox Theater and plans to convert the faded former film venue into a nightclub after it has spent 30 years dark. Ruby Simpson of the Pasadena office of Sperry Van Ness, who brokered the sale of the circa 1917 movie theater, tells GlobeSt.com that new owner Chicago-based Crobar plans to spend about $5 million restoring and converting the 9,000-sf property at 6506-6508 Hollywood Blvd.

Simpson tells GlobeSt.com that the theater, which last showed movies in the 1970s, has been empty since then except for a souvenir shop of less than 1,000 sf. The building had fallen into disrepair and the two owners who had inherited it, who were not commercial real estate industry professionals, were unsure what to do when they received an unsolicited offer from a prospective buyer. In addition, the property was encumbered by a long-term ground lease with about 20 years remaining.

Crobar acquired the property through an LLC called 6506 Hollywood Holdings. The two private sellers, from Upland and Hollywood, are cousins who inherited the theater from their mothers, who took ownership of it in the 1920s.

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