LOS ANGELES, CA (April 5, 2022) — In March, Prospect Group Real Estate Investments bought Walker’s Cafe, a family-owned business and a beloved institution community, members say has been central to the identity and social fabric of San Pedro.
Located at 700 W. Paseo Del Mar, the landmark eatery and popular filming location had been in continuous operation since the 1940s. It was one of the oldest surviving Los Angeles restaurants until it suddenly closed during the pandemic.
The news that the 89-year-old owner was in poor health and was not going to be able to run the cafe brought fear to loyal local fans. Many wondered what would happen to it. Afraid it might be demolished, community activists joined together and nominated the restaurant for landmark status in the hopes of preserving it.
Prospect Group, a Southern California-based real estate development company, heard about the calls from the community to save and restore the cafe and stepped in, bought it with plans to reopen the site.
We recognize the significance of the cafe in San Pedro. It has served as a home away from home for neighborhood regulars, longshoremen, fishermen, merchant marines and families stationed in Fort MacArthur for 80 years. We have resources and the expertise to restore it, said Prospect Group spokesperson Silva Harapetian.
The cafe sits on the southernmost tip of Los Angeles, looking out to the ocean and Catalina Island, directly across from Point Fermin Park, which has been a public park since the 1920’s.
The story of that building begins in 1916, when local jitneys driver, Felicien Landier, opened a grocery store and soda fountain there. In the 1930’s the building went through some changes but was eventually sold to Raymond Walker and Bessie Mae Peterson. In 1944, they founded Walker’s cafe. Walker died in 1953, but his wife continued to operate the cafe until her death in 1996. Generations of locals and visitors have enjoyed a “world famous” Bessie burger.
Walker’s Cafe is one of the last reminders of what the area was like before the urban renewal movement in the decades after World War II.
Over the years, the cafe’s authentic period features have made it a popular filming location. Its track record includes some of the most iconic movies and TV shows, including 1974’s Chinatown, 1998’s Gods and Monsters, and the recent Perry Mason prequel.
Efforts to save the Walker’s Cafe are moving forward. On March 16th, The L.A. Cultural Heritage Commission recommended and the commission voted unanimously to add Walker’s Cafe in San Pedro to the city’s list of historical-cultural monuments. The eatery is “a perfect time capsule of a 1940s cafe” with numerous original elements still intact, including the exterior neon signage, the icebox acquired by Bessie and an interior archway (which was initially part of the building’s façade before it was renovated in 1935).
Prospect Group has been working with community activists, the city and the planning department to figure out the necessary health and safety updates the cafe may need to be operational again.
“Everyone wants to see this cafe restored and back in business. We hope to work with all the stakeholders to expedite the process.”
Prospect Group is looking for a person or a group with a hospitality background to come in and operate and manage the site. Harapetian says, “we are not restaurant operators. We’re looking for someone who knows how to do this. And potentially someone within the community who has a vested interest, that wants to keep it exactly the way it was.”
ABOUT PROSPECT GROUP:
Prospect Group Real Estate Investments is a team of Los Angeles real estate professionals with more than 15 years of experience. They specialize in purchasing distressed and value-add single-family homes, multifamily buildings, and commercial properties throughout Southern California.
They pride themselves on being local buyers who care. The team has helped countless property and homeowners save their assets from foreclosure, code violations, title issues, uncooperative tenants, and inheritance complications.
Their founder has an innate understanding of and fascination with the ever-evolving real estate industry and continues to motivate the team members to build and maintain relationships with Realtors and property owners.
Click the link below to get to know the team.
Prospect Group has bought, renovated, redeveloped, resold and rented hundreds of properties in Southern California, including many historic homes that have earned Prospect Group a distinguished Historic Preservation Award from the City of Pasadena.
