Laemmle Theatres has sold its Pasadena location to GD Realty Group of Los Angeles, an owner and developer of urban commercial real estate in prime Southern California locations.
The sale also included a leaseback that will allow the theater to continue operating.
Laemmle Theatres’ 22,897-square-foot Laemmle Playhouse 7 is located at 673 E. Colorado Boulevard in Pasadena’s Playhouse District.
“The theater chain, like many businesses during the pandemic-induced shutdown, has suffered financially and has been looking to increase its liquidity in order to remain in business,” said Matthew M. May, president of May Realty Advisors, who represented Laemmle Theatres. “Laemmle is very fortunate that the company owns its real estate and has the opportunity to work with buyers that want to see Laemmle continue operating like Arash Danialifar of GD.”
Established in 1938 by Kurt and Max Laemmle, nephews of legendary Universal Pictures founder Carl Laemmle, the company is currently run by Robert Laemmle and his son, Greg Laemmle. The theatre chain has served over a million film patrons each year from seven locations in the greater Los Angeles region.
GD Realty Group is currently building a residential development near the theater building. It broke ground in July on a mixed-use project at the northwest corner of Union Street and El Molino Avenue (one block north of Colorado Blvd.), at 635 E. Union Street in the Playhouse District. The building will have 40 units comprising mostly two-bedroom and townhouse units with 3,000 square feet of ground-floor retail and underground parking. The development is scheduled to be completed in the fall.
May continues, “Laemmle Theatres has been around for over 80 years and plays a strategic role in providing independent film producers and the public with films of cultural value. We are excited to work with Laemmle Theatres’ CEO Greg Laemmle to find workable real estate solutions for the company.”
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One thought on “Laemmle Sells Pasadena Building, Then Leases Back the Movie Theater Inside”
This is the worst idea ever. We need an affordable movie theater in Pasadena and with the approval of this unneeded office/retail space, you have killed entertainment in Pasadena. I can only assume that the commission has some stakes in the deal and is not interested in the public good.