A theater that has sat dark on the Balboa Peninsula for decades has finally changed hands. The historic Balboa Theater at 707 E. Balboa Blvd. was sold to a local private real estate investor who plans to restore the building, with the deal closing Oct. 23.
The sale was announced by Coastal Commercial, according to MyNewsLA.com, which reported that the buyer was not identified in connection with the deal. Coastal Commercial represented the seller, described as a local family office, while Christian Emerson of The Oppenheim Group represented the buyer. The theater sits on a roughly 5,200-square-foot lot in Balboa Village on the Balboa Peninsula.
Emerson told the outlet that the buyer has a history of restoring historic landmarks in California, adding that the goal now is to bring the Balboa Theater back as a working theater with an elevated restoration. Coastal Commercial President Nathan Holthouser said the building is entering a new chapter, while cautioning that historic theaters can be challenging properties to own and restore. He noted that people who take on such projects often do so out of a genuine passion for contributing to their communities.
A Deed That Locks In Its Purpose
Whatever shape the restoration ultimately takes, the property comes with strings attached. The sale includes a deed restriction requiring the property to be used for theatrical, cultural, event-related or performing arts purposes, while allowing for ancillary commercial uses, per the same report. That provision effectively guarantees the building cannot simply become retail space or housing, even as the specifics of any design, budget or timeline for the current restoration have not been disclosed.
From Silent-Era Movie House to Cult Film Haunt
The Balboa Theater’s story stretches back nearly a century. It opened in 1928 as the Ritz Theater and operated for decades as a neighborhood movie house before being converted into an adult theater in the 1970s. It later found a second life screening alternative and cult films, including midnight showings of “The Rocky Horror Picture Show,” before going dark — a closure MyNewsLA.com dates to 1991, though the Los Angeles Times has reported the theater closed in 1992…