Shuttered Towne 16 Theatre in EHT Up for Sale
Want to buy a movie theater? How about a theater AND a steak house? So much for Frank Theatres' plan to renovate the closed Towne Stadium 16 in Egg Harbor Township and turn the movie house into an upscale theater, cafe and bar.
The shuttered movie theater in the Harbor Square shopping center is now up for sale and so is the Outback Steak house just next door, through NAI Mertz commercial real estate services, as first reported by Press of Atlantic City.
After suddenly closing the theater in September, 2018, owner Bruce Frank wrote the Press of Atlantic City an e-mail saying the closing was only temporary...
“The theatre has been closed ‘temporarily’ for us to make way for a ‘CineGrille & Bowl...with 10 screens, including a large screen format, all dine-in recliners, a full-service cafe, including a full bar plus 14 lanes and a 40-game redemption arcade."
When Frank spoke to the Press of Atlantic City this weekend, he had a much different plan.
“We’ve gotten out of the industry. We sold to a private equity group.”
The Press of Atlantic City reports that tax records online show the owner of the $3.8 million property as Towne 4 Inc. of Jupiter, Florida.
The real estate ad for the closed theater lists the property features and also includes the possibility of buying the Outback Steakhouse location next door...
46,000 SF, 15 screen movie theater. Additional Opportunity: 2 pad sites available, Outback Steakhouse vacating location June 2019, Liquor licenses available. Zoning: RCD – Regional Commercial Development District. Located behind the Harbor Square Shopping Center, just off the heavily traveled Black Horse Pike. Other tenants include Boscov’s, AT&T, Wells Fargo Bank, Golden Corral.
Source: Press of Atlantic City