For the first time in 35 years
For the first time in 35 years, San Pedro’s venerable Arcade Building is available for purchase.
Gary and Lynn Larson and the Larson family are credited with lovingly restoring the Arcade in the 1980’s. The Arcade’s restoration was the first and a catalyst that kick started the revitalization of downtown. Larson went on to restore the John T. Gaffey building few years later with Alan Johnson.
While Larson does not want to part with the Arcade, he has other family members that are ready to sell. He says “family unity is more important than his love for the Arcade. We have always wanted to preserve the building for the community and future generations.”
“With all the interest in downtown San Pedro from outside investors, and where the market is headed over the 24 months, the ownership feels it’s an appropriate time,” states Laurie Wixted, of the brokerage firm handling the sale.
NOTE: I am not sure if or how to say this, but the Arcade has never been on the market, one of the previous owners, the Carresi Family, approached me and asked if I wanted to buy the building. Johnny Carresi just made a hand shake deal and week later we went to his bank. He dictated the price and closing date to the bank’s escrow officer. We signed escrow instructions and closed a few months later. So effectively, the building has never been on the market, this is first time in almost 100 yrs since it was built, 1913 for penthouse and 1924 for Arcade.