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The Hollywood Bowl building in Northeast Portland is up for sale.

(Capital Pacific)

The building that houses

in Northeast Portland is up for sale.

The 48-lane alley, located just north of Interstate 84 at

, was

Monday by brokerage

. Owner G&M Properties is asking for $7.6 million.

Capital Pacific's marketing materials tout the site's redevelopment opportunities. A

that will include a New Seasons Market is under construction nearby. Hollywood Bowl's lease lasts until 2022, but a new owner could buy out the lease for a fee of $595,000.

But Hollywood Bowl general manager David Lemke said the business can turn down an offer to buy out the lease. He said the alley is in the middle of a major renovation, so it would be unlikely to move or close anytime soon.

"We have a concrete lease through 2022," Lemke said. "We have plans to be here for a long time."

G&M paid $6 million in 2007 to buy the building from the Hollywood Bowl's owners.

The 42,000-square-foot bowling alley was built in 1963 and includes an underground parking garage.

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-- Elliot Njus

This post has been updated to include Lemke's comments.