Torrance, CA – August 18, 2011 – (RealEstateRama) — Lee & Associates, the nation’s largest broker-owned commercial brokerage firm, has been named the listing broker of the historic Brown Derby, the 14,000-square-foot retail-restaurant building at 4500 Los Feliz Blvd. in Los Angeles.
Duncan Lemmon, president of Lee’s West L.A. office who will be handling the listing, said the price tag will be $10.6 million. The building was once owned by famed Hollywood director Cecile B. DeMille and is the last of the original four local Brown Derby restaurants.
The historic building has been completely renovated and is currently occupied by Chase Bank and Louise’s Trattoria, Lemmon said, who with a group of other investors, purchased the building in 2004. Then, plans were made to build a mixed-use project which included a Whole Foods and residential apartments. Other members in this group include John Battle, a Lee principal, and Mike Adler and Rick Gable, both of Adler Realty Investments Inc.
Since the Los Feliz Brown Derby restaurant closed in 1960, the building has been leased to four tenants including a night club which used the name Derby. At the moment, another restaurant is in negotiations to lease the reaming 2,777 square feet of the building.
About Lee & Associates
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 43 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.