MONTCLAIR, NJ (CelebrityAccess) – The real estate development and investment operation, the Pinnacle Companies, along with an unnamed institutional investor, have purchased the the Wellmont Theater in Montclair, NJ from former owners The Rosen Group.
According to NJ Advance Media, the sale price for the venue was not disclosed, but the property was listed for $6.7 million when it went up for sale in June.
The new owners have closed the 1,600-seat theater and will be making significant investment to renovate and upgrade the property before it re-opens in September, Pinnacle said.
Pinnacle has retained Live Nation Entertainment to program and manage the theater when it re-opens.
The team is also looking into the acquisition of the former Social Security building adjacent to the Wellmont Theater on Bloomfield Avenue in order to support the theater in particular with an eye towards the development of the downtown arts district.
First opened in 1922, the Wellmont spent most of its life as a movie theatre until shuttering in 2006. It was reopened as a concert venue in 2008. – Staff Writers