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ANCHORAGE - A downtown Anchorage landmark has been sold to an investment firm that owns nearby property.

Peach Investments, owned by Joe and Maria Fang of San Francisco, on Thursday bought the 4th Avenue Theatre at a foreclosure auction for about $1.65 million.

The Fangs nearly a decade ago announced plans to build a 20-story-plus tower combining offices, upscale condominiums and parking on a lot behind the theater and next door to Key Bank Plaza, which they also own.

The theater building is one of the most distinctive structures in Alaska, built in an art deco style by pioneer industrialist Austin "Cap" Lathrop in the 1940s to seat more than 1,000.

A local spokesman declined to comment on what may happen to the old theater.