Bisnow Exclusive: Historic Mixed-Use Fetches $15M
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An old mixed-use in Echo Park has been picked up by Vista investment Group for $15M. The LA Firm plans to freshen up the 90-year-old building.
Vista President Jonathan Barach (pictured with wife Sunny) says Jensen’s Recreation Center underwent recent renovations, including upgraded plumbing and electrical, a new roof and refinished hardwood floors in residential units. Vista will put $1.25M into the property to upgrade its entry, lobby and other common areas. Jensen’s has 46 studio and one-bedroom apartments, which are fully leased, in addition to 21k SF of ground floor retail and commercial space, which is 96 percent leased.
Vista’s lawyer Andrew Kirsh (pictured with wife Courtney and their newborn daughter Clementine) says one of the hurdles was Vista had to assume the existing financing on the property. Vista will also completely restore the historic rooftop sign, which depicts a bowler throwing a strike.
The 50k SF brick and terracotta building on Sunset Boulevard was built in 1924, originally with a billiards parlor. With those old-timey origins in mind, the building was declared a Los Angeles Historic Cultural Monument in 1998.