They Wanted $40 Million When I Called. Look Who Bought It for $7.2 Million.
A.F. Gilmore Company bought the former Fairfax Theatre site at Beverly and Fairfax. This location and price is Outstanding!
At a glance
What matters
- I remember a very different price.When I called about this property, I was told they wanted $40 million. The reported closing price was $7.21 million, roughly 82% below the number quoted to me.
- Look at who bought it.A.F. Gilmore Company owns and operates the Original Farmers Market. Its family history in this neighborhood stretches back generations. For this particular corner, that local connection makes the purchase especially interesting to me.
- An A+ corner at roughly $251 a foot of land.Using the 28,750-square-foot lot size, the buy works out to about $251 per square foot on the land. Television City is diagonally across the intersection, with the Original Farmers Market and The Grove a short walk away.
- A hotel is a possibility worth watching.Conroy’s marketing described a concept with approximately 96 hotel rooms and 90 apartments, subject to review and approvals. That gives the hospitality angle a basis, but it does not tell us what A.F. Gilmore has decided to build.
Deal stats
What an Operator Sees
The team that got it done
Listing broker: Jeff Gray, Conroy Commercial
310.275.3213 | jeff.gray@conroycommercial.com
Buyer broker: Not reported.
Operator’s take
I called about this property when they wanted $40 million. It just sold for $7.21 million.
That alone gets my attention. Then I look at the buyer: A.F. Gilmore Company, the company behind the Original Farmers Market. In my book, they are one of the smartest groups in the city and at this price, I think they hit a home run on the acquisition.
I spoke with Peter Hayden at A.F. Gilmore today to congratulate him. His point about construction stuck with me: steel prices remain high, building costs are still a challenge, and developers need to be creative about what they build.
That is why the purchase price matters so much. At approximately $251 per square foot of land, they have a starting basis that gives them room to explore what works. Construction, approvals and carrying costs still have to pencil out, but buying the land right is a meaningful first step.
The location is A+. Beverly and Fairfax is a highly visible corner, with Television City diagonally across the intersection and the Original Farmers Market and The Grove nearby. The restaurants, shopping and established destinations are already here.
And this buyer knows the neighborhood. The Gilmore family’s connection to the area goes back to the 1800s. The Original Farmers Market opened on the family’s land in 1934. They have generations of experience bringing people and businesses to this part of Los Angeles.
Personally, I would love to see a hotel here with high-end restaurants. And if I were putting together a wish list, I would love to see Erewhon relocate from a few blocks away into a beautiful flagship location that competes with the new Whole Foods down the street. That is my vision for the corner; A.F. Gilmore has not disclosed its exact plans.
Conroy’s marketing materials explored a mixed-use concept with approximately 96 hotel rooms and 90 apartments, subject to review and approvals. The historic Fairfax Theatre adds another important consideration. Howard Laks Architects’ project description incorporates the historic façade, and any future development will need to address the site’s preservation requirements.
Getting this property sold at auction gives an important corner a new owner with deep neighborhood roots and the opportunity to create something special.
An A+ corner. A compelling purchase price. A buyer who knows the neighborhood.
I am excited to see what A.F. Gilmore does with it. They hit a home run on the acquisition. Now I want to see what they build.
Sources
Original Farmers Market history
Write to David Safai at David@AtlasBrief.La
Appeared in the Oct. 2, 2026 edition of The Tape.