Westborough lands $5M buyer for vacant cinema
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The former Regal Westborough Stadium 12 theater complex.
The operator of movie theatres in Cambridge and Connecticut has been awarded the winning bid of about $5 million to purchase and renovate a vacant movie theater in Westborough.
The town’s Board of Selectmen awarded the winning bid to Walpole-based LAX Media LLC at a meeting last week. The company does business as Apple Cinemas.
The bid was about $1 million higher than the next highest bid, and the company is able to close on the sale up to two months earlier than other bidders, Chairwoman Leigh Emery said at the Nov. 20 meeting.
The town now enters into purchase and sale negotiations with the company.
Westborough officials have been seeking a buyer for the property ever since it closed last fall.
Per town records, the property is owned by an entity legally dissolved in 2009. That brought the town to seize the property over the last year in order to seek a developer to purchase the property.
The property was sold to Westborough SPE LLC in 1997 for $9.1 million, but that San Francisco-based entity withdrew its Massachusetts business license in 2007. The property was last assessed this year for about $9.3 million.
The 12-screen, 49,000-square-foot cinema was built in 1997. It closed in November at the conclusion of a 20-year lease between Interstate Theatres Corp. -- an entity controlled by Tennessee-based Regal Entertainment Group -- and Westborough SPE LLC.
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