Closed Movie Theater in Fenton to Go on Auction Block
Date Posted: October 31, 2023
Posted In: Discussion, Projects,
From St. Louis Business Journal: A closed movie theater in St. Louis County is going up for auction, with some bids expected from national theater chains.
The former Regal Gravois Bluffs Stadium 12 Cinema in Fenton, at 754 Gravois Bluffs Blvd., closed in September 2022, and the property was sold earlier this year by net-lease real estate investment trust Spirit Realty Capital to RMR Group of Boston, as part of a large portfolio of properties, said the broker representing the owner on the auction, Elizabeth Schenk of Pace Properties.
RMR, which acquired the portfolio for an undisclosed price, has now placed the movie theater, the sole St. Louis property in the acquisition, on the auction block.
The online TenX auction is scheduled to take place from Oct. 30 to Nov. 1, with a starting bid of $1.25 million and an undisclosed reserve price, according to the auction listing. The latest sale price for the Fenton property wasn’t listed by Spirit in its second-quarter earnings report, which listed $66.9 million in proceeds from the sale of 12 vacant properties and 18 occupied properties.
Pace Properties broker Kate Grewe is also representing the owner in the auction.
The 42,515-square-foot former theater building still has all the furniture, fixtures and electronics inside, including film projectors and popcorn makers, Schenk said. The building’s “excellent” turnkey condition means that, if a buyer wanted, it could reopen the movie theater just after the auction closes, the broker said.
The theater’s location, on a 7.24-acre property next to the popular Gravois Bluffs shopping district, is another major selling point for the property, Schenk said.