by Eddie Rivera, Editorial Director
One of the first tenants for the former Frank’s Camera space at 5715 North Figueroa Street, sounds like a hipster joke, but it isn’t.
Property owner David Walker, president of Downtown-based Engine Real Estate, is planning a 3,125-square-foot, full-service 54-seat restaurant and bar and barbershop with 54 seats in the circa-1928, 22,500 square-foot building.
According to permits filed with the City Planning Department, the restaurant would be open from 6 pm to 2 am daily, and the barbershop would be open from noon to 9 pm daily. The restaurant/bar/barber shop also feature limited live entertainment.
The operation is the first of what could be several new businesses in the two-story brick building with four ground floor commercial retail spaces, a basement retail space, and an upstairs office space.
According to the company’s website, “Engine Real Estate’s philosophy is to apply an institutional style and fully-integrated approach to real estate investing. The firm benefits from having a centralized decision making process which allows it to pro-actively monitor the financial performance of its assets. This also enables it to efficiently execute on its business plan for each property, especially with regard to key issues which impact a property’s bottom line, such as rental rates, vacancies, leasing, and property renovation/ rehabilitation.”
Company CEO Walker is the former CEO of Pacific Star, a shopping center development company which he left in 2007 to become president of JRK Birchmont Advisors and its $203 million private equity fund, Birchmont Capital Partners I. Under his leadership as president of the fund division, David was responsible for investing in 13 separate real estate investments ranging from multifamily to office properties, worth an estimated $1 billion. In 2009, David returned to Pacific Star to rejoin with co-founder Aria Mehrabi in the daily operation of Pacific Star Capital and its various investments.
Walker established Engine Real Estate with partner Jeffrey Birkmeyer in 2014.
Engine Real Estate also owns the property at 5900-5908 North Figueroa Street, which houses the “Coldest Beer in Town” liquor store.