BOARDMAN — The Cafaro Co. purchased the Regal Cinema South property on Tuesday in a $2.3 million transaction with the international theater group, according to the Mahoning County Auditor’s Office.
The theater, built in 1986, will continue to operate as a Regal Cinema holding. According to Cafaro spokesman Joe Bell, Regal Cinemas is now leasing the building and 5.4-acre site.
“This is part of a consideration that (Regal is) doing for their other location here at Eastwood Mall Complex,” Bell said. “They’re in the midst of an extensive renovation of the theater here in Niles.”
Regal Boulevard Centre is Regal’s second theater complex in the Mahoning Valley.
Bell said the facility is undergoing renovations with a grand reopening slated for the spring.
“That means they’re doing luxury seating, all new renovations of the concessions, renovation of the lobby area, and they will be selling beer and wine,” he said.
“The theater remains open, but they’re renovating auditorium by auditorium. … They’re really excited about redoing this theater here in Niles.”
Regal Cineworld Group, which operates nine theaters in Ohio, features 5,396 screens in 395 theaters in 41 states along with the District of Columbia and Guam as of Jan. 31. According to a news release, Regal is the second largest cinema operator in the world by number of screens.
A call to a Regal media representative for comment was not returned as of press time.
The Cafaro Co., under its real estate arm, owns more than 40 properties that cover Ohio, West Virginia, Pennsylvania, Kentucky, Michigan, Iowa, Tennessee, Virginia, Washington and Oregon.
One of those locations is the former Dilliard’s in the Southern Park Mall. The mall’s owner, Kohan Retail Investment Group, had faced scrutiny for its failure to pay its property taxes on time.
Bell said the Cafaro Co. has not considered making an offer to purchase the site.
“I don’t think we’ve ever talked about purchasing the entirety of that mall property,” he said.
Bell noted the former Dilliard’s remains dormant.
“Big box department store spaces are notoriously slow to lease,” he said. “There’s nothing in there at the moment. It’s a property on the back burner.”
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