NewHavenBIZ

n e w h a v e n b i z . c o m | O c t o b e r 2 0 2 2 | n e w h a v e n B I Z 27 W h a t ' s T h e D e a l ? By Hanna Snyder Gambini T he future of movie theaters in the post-pandemic age can go in one of a few directions: renovate, repurpose or redevelop. e August sale of New Haven's Cine-4 theater attracted numerous interested buyers, most of whom were eyeing demolition and redevelopment. Instead, the cinema will soon find new life as an early educational center aer the New Haven-based Friends Center for Children bought the building with plans to renovate. Commercial real estate agent Ricky Ballou represented the Friends school in the Cine-4 purchase. He said it was a unique opportunity to repurpose an old theater. Some cinemas have closed in the two decades since streaming movie services grew in availability and popularity. Others have adapted by modernizing and offering luxury seating, cra food service, convenience ticket ordering, bargain movie nights and state-of-the-art picture and sound systems. Cinemark eaters, with North Haven and Milford locations, upgraded with new lounge-style seats and higher-end food service including liquor sales. Metro Movies 12 in Wallingford went through renovations in 2012, now offering digital picture and sound systems with stadium rocking chair seating. e historic Bank Street eater in New Milford is still in business more than 100 years aer first opening. e art deco theater had undergone upgrades in 1997 and renovations in 2007-08, including adding 3D and digital features. It also offers private facility rentals and hosts an annual New Milford film festival in late September and early October. Watertown's Country Cinema was purchased by an investor who has delayed plans to turn the one- screen bay and lobby into an arts, entertainment and community space hosting everything from movies and live performances to receptions and larger local gatherings. Plans that were laid out pre-pandemic have been put on hold indefinitely. In Hartford, owners of an Apple Cinemas movie theater on New Park Avenue are converting part of the 75,000-square-foot property into an entertainment facility offering an arcade, ax-throwing, live music and bar. Maintaining relevancy e Cine-4 listing attracted numerous prospective buyers, nearly all of whom had planned to demolish and rebuild, Ballou said. For developers, the key attraction in a cinema sale is the acreage. "In New Haven, it's hard to get land," Ballou said. For the Friends school, it was the existing structure, ample parking area and vast interior space that made it an ideal location for repurposing, he said. Plans call for turning some of the parking area into outdoor green space, leaving one cinema intact and converting the three others into office and learning spaces, and building additional learning centers on the property. "For the Children's center, Cine-4 was absolutely perfect. Because of the layout, it makes it fairly simple for a breakout of classrooms," and the property area allows for ample expansion, Ballou said. When trying to sell or buy an old movie theater, the key is "to get creative, to look at change of use," since theater upgrades can be cost- prohibitive, but not impossible, for small, independent theater owners, he said. Moving into the pandemic recovery phase, movie fans want to emerge from lockdown and work-from- home situations, giving theaters the potential for a rebirth, but they are going to need some big attractions to bring people in, Ballou said. He sees growing popularity in theaters offering food service beyond popcorn and candy, with waiters, full menus, reclining luxurious seats, online ordering and self-checkout capability, and amped up sound systems and screens. "Convenience and luxury are a big part of why some theaters are still relevant," Ballou said. Garden center portfolio fetches $10.5M Six former Agway properties recently sold as a package for $10.5 million aer having been on the market since 2019-20. e key to sealing the deal was finding one buyer for the entire portfolio, said commercial real estate broker Matt Halprin, president of Wethersfield-based New England Retail Properties Inc., who represented the sellers. e Bergantino family of Guilford, longtime owners of the Agway garden and pet supply centers, sold their businesses in 2016 but retained ownership of the properties, which were leased out to Smithland Pet & Garden Center. When the family decided more recently to sell the properties, it was key that the parcels all remain together and not be sold off piecemeal, Halprin said. e Sept. 1 deal includes properties in North Branford, North Haven, Southington, Manchester, Middlefield and Bethel. Securing a buyer was challenging, Halprin said, because investors were looking at individual units. "at wasn't the wish of the property owners," he said, and "the only way to sell was in a package." He found the right buyer in Southport-based Trio Fund I CT Portfolio LLC, which bought all six properties that will continue to operate as Smithland Pet & Garden Centers. e value, Halprin said, was in the leases that were in place with the supply center operators rather than the property itself. "What we really sold was the income stream," Halprin said. $200M waterfront development slated for Bridgeport harbor A $200 million, mixed-use development project with 420 rental units and 10,000 square feet of commercial retail space is slated for Bridgeport's waterfront in Steelpointe Harbor, and is a collaboration between Indianapolis-based Flaherty & Collins Properties, RCI Group and the city of Bridgeport. The apartment building will have waterfront views with high-end and modern amenity options and a waterfront pool and deck, outdoor kitchens and gathering spaces, secure parking, and a dedicated dog park and pet spa. The development will include a fitness center, spin studio, sauna and jacuzzi, outdoor pickleball court, and water taxi service to Pleasure Island beach. The city council in January 2022 approved a tax abatement for this phase of the Steelpointe Harbor project, calling for a two-year construction period and one year to secure tenants. City officials expect the project to attract other retail developers and tenants. Trumbull apartments fetch $101M e Royce at Trumbull apartment complex has been sold to a Massachusetts-based real estate investment firm for $101 million. The 339-unit, three-story development at 100 Avalon Gates, Trumbull, was purchased Aug. 17 by CHC Fairfield LLC and Colony Hills Capital out of Wilbraham, Mass. Jonathan Brody, president of national sales for Rosewood Realty Group, represented both the buyer and sellers, Sym Investments and Skywood Properties along with The Royce at Trumbull LLC of Cedarhurst, N.Y., and principal Leon Mayer, according to town land records. The complex has market rate one-, two- and three-bedroom units, 99% of which are leased, Brody said. Cinemas renovate, repurpose to stay relevant The Cine-4 theater in New Haven has been sold and will soon become an early childhood educational center. PHOTO | CONTRIBUTED RENDERING | CONTRIBUTED A rendering of the Steelpointe Harbor development. Continued on page 28 PHOTOS | CONTRIBUTED The North Branford and North Haven Smithland Supply Retail centers were recently sold as part of a six-property deal.

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