Local investors bought a Rochester movie theater for $2.5 million last week, but don't expect any change in the on-screen action.
The 15-year-old CineMagic Hollywood 12 theater at 14 2171 Superior Drive NW was purchased on Aug. 5 by Magic West Properties of Rochester. Magic West bought it from Phoenix, Ariz.-based Cole CN Rochester MN, LLC.
Cole SN acquired the theater for $7.4 million in June 2005 from CineMagic, when the Maple Grove movie theater firm reorganized because of a bankruptcy.
Three local investors, including Med City business leader Mike Adamson, bought the theater under the corporate name of Magic West as an investment. CineMagic has a long-term lease and recently invested in the building by adding a special new three-screen feature called Barco Escape.
Commercial Realtor Nick Pompeian, of Rochester's Realty Growth Inc., represented Magic West in the deal.
This is the latest milestone in CineMagic's dramatic run in Rochester. The firm, led by President Steve Tripp, built the Hollywood theater in 2001. It opened just months after local developer Gus Chafoulias' new Chateau Theatre 14 began showing movies in northeast Rochester.
The two theaters were fierce competitors until CineMagic bought the Chateau theater from Chafoulias at the end of 2006. CineMagic had all of Rochester's movie business locked up for almost a year until Wehrenberg Theatres built and opened Galaxy 14 Cine in November 2007 in the Shoppes on Maine area in the southeast quadrant.
The playing field changed again in 2005, when Midwest Theatres Corp., CineMagic's parent company, filed for Chapter 11 bankruptcy. While CineMagic sold the Hollywood 12 building, it kept its theater business rolling along there. Florida-based Paragon Theaters bought and re-launched the now-named Paragon Chateau 14 Theater.
For the record, this CineMagic theater deal was the third real estate sale of more than $1 million in Rochester in the first week of August.
On Aug. 1, the Rochester School of Hair Design building 4229 U.S. 52 North sold for $1.3 million. Then the Meadow Lakes Senior Living community sold for $9.1 million on Aug. 3.
It'll be interesting to see what the final real estate tally is by the end of August.