Wednesday, January 6, 2021

Los Angeles Music Scene: Is the Bootleg Theater Downsizing?

I got this commercial property sale notice sent to me by a couple people. It looks like the owners of the Bootleg Theater property are looking to sell. 

Now before there is any fear from those reading this post about the Bootleg Theater closing, read the below executive summary:

Located in Historic Filipinotown, the Bootleg Theater has stood out as a pillar of the local community for years. A welcoming venue where not only local, but national, musicians, artists, and performers of all types have been embraced and found a receptive audience for their craft. With events ranging from live musical acts, theater performances, artist’s gallery exhibits, and even the occasional bar wrestling, the Bootleg Theater has provided the local community a venue not only for entertainment but thought-provoking issues as well.

The Bootleg Theater is highlighted as renting space. And if you click on this PDF, you'll see a number of band and artist photography. So it would seem that the Theater is still renting the space and that the owners of the building are looking to sell. (Perhaps the question of current rent collection is up in the air.)    
Now why do I wonder if the Bootleg Theater is downsizing:

2214 Beverly Blvd consists of approximately 3,400 square feet of retail / office / gallery / performance space, includes various mezzanine structures, and has 22-foot-high bow truss ceilings. This space is also currently for lease.    

Looking at the photos, 2214 Beverly Blvd is where we often enter the Bootleg Theater. It is where the ping pong table was/is and where folks would lounge around between sets.

I am thinking that based on the above quotes from the brochure that the Bootleg Theater is downsizing. 

A question is: would anyone want to rent out space right next to a music venue? I suppose a solid sound proof wall would need to be put in place. And another question: what about bathroom usage? It would not be fun if the two bathrooms in the atrium space that connects the two buildings belongs to 2214 Beverly Blvd. Can one really see the Bootleg Theater utilizing just that one bathroom in the bar? There might be some long lines at sold out shows.

The two properties are currently for sale at $5,250,000. My bet is that this is a negotiable price -- to the downside.

No comments:

Post a Comment