"Uncertainty" for 2 historic theaters in Massachusetts amid building sale, business owners say
The buildings that house the historic Somerville Theatre and the Capitol Theatre in Arlington, Massachusetts have been put up for sale, but the business owners are hoping they'll still be able to welcome moviegoers for years to come.
The theaters are each more than 100 years old. The person who owns both buildings in Somerville's Davis Square and on Mass. Ave in Arlington has decided to retire, CSB Theaters, Inc. said in a social media post this weekend.
"While the uncertainty surrounding a sale is unnerving for everyone who treasures these places, and especially for those who rely on them for their livelihoods, we're cautiously optimistic about the future," the business owners said.
Somerville Theatre and Capitol Theatre buildings for sale
Real estate listings say the asking price for each building is $12 million.
"Meticulously preserved and modernized over four decades of ownership, this rare investment opportunity combines historic character, significant capital improvements, diversified income streams, and an irreplaceable presence in one of Greater Boston's most vibrant commercial districts," says the listing for the Somerville Theatre building, which also includes the Crystal Ballroom.
The Somerville Theatre opened in 1914 and has three screens. It has also hosted concerts by U2 and Bruce Springsteen.
The Capitol Theatre has six auditoriums and just celebrated its 100th anniversary last year.
Other tenants that would be affected by a sale include the Mr. Crepe restaurant in Somerville and an Otto pizzeria in Arlington.
What's next for historic theaters in Somerville and Arlington?
CSB Theaters says it is "working behind the scenes to ensure the future of these businesses."
"With multi-year lease agreements in place, we are confident that little will change for us in the short term," the business owners said. "That, coupled with our steadfast commitment to our communities of Somerville and Arlington, and their unwavering support of these local institutions, makes us hopeful for what comes next."
