Hank Hilty Jr. Of A.F. Gilmore Company Acquires Fairfax Theatre Property For $7.2M

The property asset involved in this transaction is a largely demolished site located at 7901-7909 Beverly Boulevard in Los Angeles, CA. The commercial asset was sold for $7,200,000, with a total square footage of 29,000, which translates to a price per square foot of approximately $248. The site has remained vacant since the closure of the Fairfax Theatre in 2010, retaining only its historic Art Deco facade following a recent demolition in 2023.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $7,200,000
• Buyer: Hank Hilty Jr. - A.F. Gilmore Company
• Seller: Alex Gorby - B&F Associates
• Broker: Brad Luster - Major Properties
• Market: Los Angeles, CA
• Asking Price: $45,000,000
• Discount from Asking Price: 82%

The transaction showcases the involvement of Hank Hilty Jr. representing A.F. Gilmore Company as the buyer and Alex Gorby as the seller, representing B&F Associates. The deal was brokered by Brad Luster from Major Properties, which facilitated the transaction between the two parties.