San Clemente’s historic Miramar Theater, long shuttered and long a source of speculation over its future, has a new owner and a shot at redevelopment.
The 13,000-square-foot theater and adjacent 8,500-sqaure-foot bowling alley at the northern tip of the city recently traded for $7.9 million to a Scottsdale, Ariz.-based firm that’s expected to build on previous approvals for a new use of the site.
The sellers, El Camino Real Estate Holdings LLC, had owned the site since 2005. After a lengthy process, they won city and coastal commission approval to redevelop the property into commercial uses, and subsequently decided to sell it to Fortuitous Partners LLC.
Miramar Theater, on El Camino Real in the North Beach district, is situated within an opportunity zone—which was a partial motivation for the new buyer. Fortuitus Partners focuses on opportunity funds to invest in retail and sports-anchored real estate developments.
“The sellers held on to the asset for several years, and have had different plans for the site,” said Mike Moser, a partner at Retail Insite, which brokered the deal on behalf of the seller.
“I believe they wanted to sell it to a firm that knows what they want to do with the property, and has experience doing so.”
Retail Insite’s Retail Partner Chris Hodgman also worked on the recently completed deal.
Restaurants Expected
The sellers were not the first group to attempt redeveloping the theater and bowling alley, which opened in 1938 and 1946, respectively, and is located next to the Ole Hanson Beach House and Casino.
The theater has seen several proposed plans for rebuilds and renovations since it closed in 1992, but none progressed until El Camino Real Estate Holdings, a firm affiliated with Irvine automotive executive Marc Spizzirri, won approvals in 2017 to renovate the theater and reconstruct the adjacent building for north of 20,000 square feet of commercial space, including event and restaurant space.
The new owner is still finalizing their plans for the site, and is said to be in talks with the city to maintain the previous approvals, according to Moser.
“They have been behind food halls and restaurants elsewhere,” Moser said of the new owners, making “heavy food and beverage use” at the site likely.
