The historic Wellmont Theater in Montclair is up for sale.
Its owner, the Rosen Group, has tapped Newmark Grubb Knight Frank Capital Markets to market the venue at 5 Seymour Street in the bustling Essex County town. And the firm is pitching it as an opportunity for an investor that wants to be part of a still-growing downtown that’s slated to have new residential and commercial development around a theater and arts district.
"This is a thriving, landmarked theater that has showcased such big-time musicians as Lenny Kravitz and B.B. King and is ideally situated steps from Montclair's major thoroughfare, Bloomfield Avenue, also a regional dining and shopping destination," John Goodkind, executive managing director with NGKF Capital Markets, said in a prepared statement. "The property stands to prosper even more as the city updates the downtown with additional mixed-use, pedestrian-friendly development and draws in millennials who seek the live-work-play environment that Montclair has to offer."
The theater, which opened in 1922, has undergone more than $5 million in renovations since 2008 and now has upgraded utility systems, new bars in the orchestra and mezzanine areas and a new stage lighting and sound system, the brokerage firm said in a news release.
The Rosen Group redeveloped the property to make it a concert venue, one that now holds up to 2,600 people, or about 1,500 for seated events, and comes with a transferable liquor license, the news release said. The operator also has teamed up with Live Nation to book events and promote the theater.
Nearby in Montclair, there are plans for new development such as a hotel by the Pinnacle Cos. The 148-room project at Bloomfield Avenue and Orange Road will bring the township its first new full-service hotel in decades.
Goodkind is working with NGKF Capital Markets Executive Managing Director Steven Schultz and NGKF Managing Director Mitch Katz and Associate Stuart Harwood to market the Wellmont Theater.
“Whether as a single screen theater, multi-screen theater or concert venue, the Wellmont has been, and I fully expect will remain, a Montclair institution; a vital component of the township’s renowned arts and culture,” Montclair Mayor Robert Jackson said in a prepared statement. “The prospects for our own version of 'Lincoln Center' in the areas of Bloomfield Avenue, Seymour and Willow streets are particularly exciting.”
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