Caruso Affiliated has struck a deal to purchase the former Masonic Temple in Glendale and plans to repurpose it as a mixed-use building.
The Los Angeles retail developer is acquiring the historic structure from owner Frank De Pietro & Sons. The deal includes the 56,000-square-foot temple at 232-36 S. Brand Blvd., two adjacent buildings and an adjoining vacant lot.
The properties are across the street from Caruso Affiliated's Americana at Brand shopping center. Terms of the transaction, which is not set to close until the fourth quarter, were not disclosed.
Caruso Affiliated signed the purchase agreement this week after almost five years of discussions. In a statement, the company said it would repurpose the temple building, built in 1927, into a mixed-use venue with creative office space with retail and restaurant space.
“We are glad to extend our presence in Glendale through a project that truly offers a prime example of adaptive reuse,” said Caruso founder and Chief Executive Rick Caruso in the statement. “This is a local architectural gem. The prospect of reinvigorating it, preserving its architectural history while providing the community additional modern office space and several new social hangouts is exciting.”