Tova Capital Acquires Landmark Retail Building in Los Angeles’ Echo Park for $2.5 Million
LOS ANGELES – Sept. 28, 2020 – Tova Capital’s $2.5 million acquisition of a single-tenant retail building in the Echo Park submarket of Los Angeles is a convincing example of an investor being fully prepared to pounce when a deal presents itself.
The building had been in the same family for more than 50 years and was being sold through a court-ordered sale following a family dispute. Tova Capital was awarded the asset by the court by demonstrating an ability to close quickly, in an all-cash transaction.
The asset is the first in Echo Park for Tova Capital, whose local portfolio is made up of creative office, retail and industrial assets on Los Angeles Westside. “We have been looking for assets in Echo Park for some time, so I was prepared to move quickly if an opportunity presented itself, especially on a highly improved building like this at an attractive basis and strong going in yield,” said Tova Capital CEO Ron Harari. “We believe this is a great first step toward building scale in this submarket.”
A neighborhood staple, the 7,749-square-foot building at 2139 W. Sunset Boulevard has a storied history dating back to 1914 when it opened as a silent movie theater. Over the years the movie house was known by different names such as the Ramona, the Garden, the Creation, The Sunset and Studio One. The seller converted the building for retail use in 1998, leaving the theater’s marquee intact as a reminder of the building’s history.
Mohawk Bend, a popular local restaurant known for its menu offering elevated pub food, pizza and craft beer has occupied the entire building since 2011. The restaurant has remained open during the pandemic for take-out and patio dining.
Tova Capital plans on a long-term hold of the property.