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LOS ANGELES-The 49,794-sf Jensen's building, a combination multifamily and retail building in Echo Park that is registered as a national historic structure, has sold for $8.4 million, according to Madison Partners. The property, at 1700 W. Sunset Blvd., is a four-story brick building with 46 residential units and 21,875 sf of ground floor retail, mezzanine office and warehouse space.
Built in 1924 by Henry Christian Jensen, the building is known for its architectural detail and decorative brick frieze. Buyer Prana Investments of San Francisco acquired the property from locally based Sebren Development Inc. in a deal that was brokered by Darin Beebower of Madison Partners.
Jensen's was placed on the National Historic Registry in 1998. It is one of a number of historic buildings that have been redeveloped by Sebren, which specializes in the acquisition and redevelopment of vintage properties in the Los Angeles area. Beebower, who represented by Sebren and the buyer, calls the property "a great symbol of what life was like in in the 1920s" in Los Angeles.
Besides its other architectural features, the Jensen's building is known for an incandescent sign atop the building, illuminated by 1,300 light bulbs, that depicts a bowler throwing a strike. The sign, which was restored in 1997, reflects the history of the building as home to a bowling alley and other recreational uses.
The restoration by Sebren included new copper plumbing, new electrical outlets and switches in renovated units, a new roof, refurbishing of the exterior and a host of other improvements. Sebren's other restoration projects include another that traded early this year, the historic Nirvana apartments at 1775 N. Orange Dr. in Hollywood, which the company sold in a deal that was also brokered by Beebower.
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