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Majestic Crest for sale
posted by
Michael Zoldessy
on
December 20, 2011 at 11:05 am
LOS ANGELES, CA — The Majestic Crest Theatre on Westwood Blvd. has just gone on the market (I just co-listed it) for $4.5 million. The history and architectural style of this theatre is incredible.
I would love to find a buyer who has an interest in a single screen theatre and keep this venue alive!
If you have any additional questions please contact me.
Best wishes,
Tom
Tom Maloney / MALONEY COMMERCIAL
Client Advisor ~ Broker Associate
323-251-2556 cell
(Thanks to Michelle Gerdes for providing the photo.)
Comments (10)
So let me get this straight… this was purchased only a year or so ago for $4m, was a complete failure from the get-go, and now the new owners want to flip it for a half million dollar profit? In a dying market with many issues related to parking and expansion, and a massively successful multiplex that gets all the best bookings not a mile down the road?
Depending on the interest rate a potential buyer could get and the amount of the down payment, one would be spending roughly $22-25k per month just on the financing, forgetting any other cost related to the operation of a movie theatre. When was the last time the Crest was able to book any movie to cover just those costs, factoring in just how much of the box office is returned to the distributor?
There is really no way to make the Crest a profitable investment. I’m afraid it will just remain inoperative for a long long time. It probably should be used as a Guild theatre (directors, writers, producers) or for UCLA to use for classes, revivals etc. Other than that I do not think it will succeed as a commercial theatre any longer.
Which is the multiplex only a mile away?
The Landmark 12 theatres is just down Westwood Blvd. When that theatre opened in 2007 it was the final blow that did Westwood in.
AMC Century City is practically around the corner from Westwood itself. Big ticket films go to CC. High profile indie/arthouse & a few blockbusters go to The Landmark. I agree with Brad. UCLA or one of the Guilds should use it as a conservatory.
I don’t know if I would call 2.2 miles “practically around the corner,” Chris. But then, I never realized the Landmark is 1.5m from the Crest. I thought a mile was stretching it.
Why do people now only want to see movies in small overpriced theaters?
The previous owner of the Crest was able to book popular indie films that were audience pleasers. When the Landmark opened they canibalized those bookings the same way Arclight ate up the Sunset 5 first runs. The Landmark really did the most damage in killing Westwood even more than Century City.
Damn guys, let’s keep it positive! I concur with Brad, and I have approached UCLA with the idea of a conservatory or playhouse space. The Majestic is on the historical register so we just can’t tear it down. Perhaps we lease it to an ambitious theatre entrepreneur who figures out how to make it work… Happy New Year!
What would the lease terms look like? Anything you can post publicly?