Local real estate agency CBRE arranged the sale of the Villita Assembly Building, a 24,785-square-foot event center along San Antonio’s River Walk, to GrayStreet Partners, a local private equity firm, for $5.3 million.

According to a March 1 news release, CBRE’s Andrew Price negotiated the transaction on behalf of the seller, CPS Energy, San Antonio’s municipally owned electric and natural gas utility.

Located at 401 Villita St., the free-standing building was built in 1958 and sits on a 1.113-acre parcel, CBRE officials said.

The single-story, circular building was designed by famed architect O’Neil Ford and features a concave rotunda wrapped with administrative, service and mechanical spaces. It is adorned with custom decorative tile and carved stained wood entry doors. The property includes a banquet hall, kitchen and outdoor plaza area.

Price voiced confidence that the new owners will help to reinvigorate the venerable venue, which among other things has hosted the German-themed activities as part of the annual Fiesta Night In Old San Antonio event.

“We believe this sale will breathe new life into a unique and well-established entertainment venue on the River Walk,” Price said in a statement. “As you can imagine, the Villita Assembly Building was on the radar of many national players. After a competitive process, I am excited the property was acquired by a local group with a vested interest in the future of San Antonio.”

GrayStreet founder and general partner Kevin Covey said his company is developing plans to keep the structure running.

“GrayStreet intends to upgrade and restore the Villita Assembly Building and keep it as an operating venue,” Covey said in a statement.