LOS ANGELES (CelebrityAccess MediaWire) — Just over one week after Live Nation signed a 20-deal to operate and restore the Hollywood Palladium, the facility has been sold to an Orange County real estate operating company for about $68 million.
In a sale that closed April 19th, Newport Capital Advisors purchased the concert venue from Palladium Investors Ltd., contingent on the lease agreement with Live Nation, which sees the promoter giving the 4,000-seat Palladium a $12 million renovation over the next year.
“We couldn’t think of a better way to transfer ownership of the Palladium and keep it from turning into something that it shouldn’t be,” John Tronson, a principal of Ramsey-Shilling Commercial Real Estate Services, who represented Newport Capital in the deal, told the Los Angeles Business Journal. “It will be a re-creation of a historic gem with modern adaptation of it.”
The three and a half acre parcel that the Palladium sits on has long been eyed by developers who figured the parking lots surrounding the venue would make for a perfect development opportunity.
Preservation groups fought to keep the concert hall retained in any development at the site. Newport Capital plans to eventually build on the property around the venue, with housing, office and hotel development options in play. –by CelebrityAccess Staff Writers