Los Angeles, CA – Avison Young announces today it has completed the $4.34 million sale of The Fremont Centre Theatre & Office Building, a 12,057-square-foot (sf) multi-tenant commercial property. Built in 1925, the fully occupied, two-story property is located at 1000 Fremont Avenue in the heart of historic South Pasadena, Calif.

Avison Young Principal Andrew Berk represented the sellers, Lissa and James Reynolds, prominent figures in the South Pasadena arts and entertainment scene and co-artistic directors of The Fremont Centre Theatre which they opened approximately 28 years ago, around the time they also acquired 1000 Fremont. The buyer was a South Pasadena-based private investor who paid all cash for the property.

“The Fremont Centre Theatre & Office Building is a century-old, unique pride of ownership asset that has consistently experienced extremely high occupancy for more than 28 years,” said Berk. “This is an absolute irreplaceable trophy asset in the heart of historic South Pasadena that is beloved by all, and the new ownership plans to carry on what the sellers have created here.”

Berk added, “We received four strong offers and selected an ideal local buyer who appreciated all aspects of this iconic property. Authentic, well-located buildings in urban cores like this one are rare to come on the market and investors feel confident about the immediate and long-term, intrinsic value.

The well-maintained asset has a storied past, originally built as a mortuary and then repurposed as a live performing arts theater space. The theatre had been a regular venue for the late Pulitzer Prize-winning author/playwright Ray Bradbury and his Pandemonium Theatre Company. The building currently includes 22 office, retail, and service tenants. It features a beautiful interior courtyard, and a highly rated restaurant, Piccadilly Grace which includes a beautiful outdoor garden space.

The South Pasadena submarket of Los Angeles is a highly desirable residential and commercial area known for its small-town charm, historic architecture, and excellent quality of life. Nestled just northeast of downtown Los Angeles, South Pasadena is characterized by its tree-lined streets, well-preserved Craftsman-style homes, and a strong sense of community.