It looks like Echo Park’s 71-year-old Brite Spot diner could change hands for the second time in two years. Current Owners Harry Matheu and David Agnew have put the longstanding restaurant up for sale, according to a recently-publicized listing held by Urbanlime Real Estate. The asking price was not disclosed and Agnew on Friday was not immediately reachable via email. Reps for Urbanlime did not respond to a request for comment by What Now Los Angeles (WNLA).
Matheu and Agnew acquired Brite Spot in 2018, according to a GoFundMe launched by the duo in April which landed the restaurant nearly $13,000. Brooke Fruchtman and husband Jaime Turrey, the owners of nearby Ostrich Farm, were reportedly part of the ownership team but no longer seem to be attached to the restaurant.
Brite Spot’s 2,760-square-foot space has a lease through August 31, 2023, according to the listing, with monthly rent at $10,024.29 plus an estimated $1,053.50 per month in NNN or triple-net (expenses of the property paid by the tenant like real estate taxes, building insurance, maintenance, etc.). There are three, five-year lease renewal options set with a three-percent annual increase. In addition to taking over the lease, a buyer would get the furniture, fixtures, and equipment in the sales price, as well as a “newly-approved full liquor” conditional use beverage permit.
Brite Spot reopened its doors in late-August after closing earlier this year to slow the spread of the novel coronavirus. Calls to the restaurant Friday by WNLA went unanswered and Brite Spot’s social media has not been updated since September. The restaurant first debuted in 1949, making it “one of the city’s oldest restaurants,” according to the company’s website.
