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Dan and Kat Magner will move sign business to Broadway location, renovate rest of complex for lease as restaurant and office space.

TIMES PHOTO: PETER WONG - Beaverton Bakery has been sold.Dan and Kat Magner, like thousands before them, got their wedding cake from Beaverton Bakery.

Dan Magner's grandfather once took young Dan to the next-door movie theater, which was converted decades ago to cold storage and commercial ovens for the bakery.

But when Dan Magner sought space to move his business elsewhere in Beaverton, the mostly vacant Beaverton Bakery complex on Broadway was not on his list.

Today, however, Dan Magner is preparing to move Miracle Sign Co. from 5th Street into the old theater on Southwest Broadway.

He and Kat Magner are planning to renovate the other buildings in the complex — including Beaverton Bakery, which shut down Sept. 27 after 93 years in business — for potential restaurant and office space.

Big O's Wood Fired Pizza, the curnt tenant at the east end of the block, will have the option of expanding. Its five-year lease, which ends Feb. 14, is for $42,735 annually.

The Magners bought the property from Charles Schubert, who has owned the property for more than 50 years, in a transaction by the Portland commercial real estate firm of Norris & Stevens.

The purchase price was not disclosed.

Norris & Stevens listed it for $1.8 million. The Washington County Assessment and Taxation Department listed the real market value of land and buildings at $581,080 as of Jan. 1, 2018, the latest date available. (A new valuation will be set this year.)

Mayor Denny Doyle says the Magners' plans fit the city's aim of transforming downtown as a destination, even before the scheduled completion of the Patricia Reser Center for the Arts in 2021.

"The exciting part is that they will use the north side of the building for production and put at least one restaurant on the south side. Big O's Pizza will likely expand. So we are excited about it," Doyle said.

"We will move heaven and earth to help them."

A specialist from the city's Economic Development Department met the Magners to discuss potential grants available for tenant and storefront improvements for downtown businesses.

Click here to read the rest of the story in the Beaverton Valley Times.

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