Location of World Famous Brown Derby Restaurant Leases for $2.95 Million
Torrance, CA – December 14, 2010 – (RealEstateRama) — The one-time home to a world-famous Brown Derby Restaurant location is the subject of a $2.95 million lease arranged by Lee & Associates’ Sherman Oaks office. Hillhurst Los Feliz LLC is leasing the historic property located at 4500 Los Feliz Blvd., in Los Angeles. Chase Bank takes over the circa-1928 asset via a 10-year lease set to begin in June 2011.
Lee & Associates Principal Duncan Lemmon represented Hillhurst Los Feliz LLC in the 5,800 sq. ft. transaction of the 14,000-square foot building — the last Brown Derby still standing of the famed Los Angeles-based chain. Chase Bank is represented by CB Richard Ellis. The lease was signed with Chase Bank and current tenant Louise’s Trattoria Restaurant for more than 80% of the building. The total combined lease value is $5.3 million. The remaining 2,770 square feet is being marketed by Lee & Associates with a focus on a restaurant or specialty retailer.
Hillhurst Los Feliz LLC purchased the structure in 2004 with the intent to re-entitle it for a mixed-use commercial/residential development. However plans changed when the property was designated a cultural historical building, as it was the last building standing that once housed a Brown Derby Restaurant. A renovation of the building currently is underway.
The Los Feliz location has the distinction of being one of a small chain of world famous Brown Derby restaurants in Los Angeles that thrived during the golden age of Hollywood. The restaurants were best known as a destination for Hollywood’s movers and shakers. Like the original Brown Derby on Wilshire Boulevard in Los Angeles, the Los Feliz property had the famous derby-shaped roof, though its structure has been significantly altered since its closing. Film mogul Cecil B. De Mille became co-owner of the Los Feliz restaurant when he purchased it in 1940 and converted it from Willard’s Chicken Inn. The Los Feliz Brown Derby closed in 1960 and was the shortest-lived in the chain.
About Lee & Associates
Celebrating 31 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at www.lee-associates.com.
