Regal Cinema South Sold to Cafaro Co. For $2.3 Million, Niles Location to Undergo Renovations

BOARDMAN, OH – The Regal Cinema South property in Boardman, Ohio, was purchased by The Cafaro Co. On Tuesday for $2.3 million, according to the Mahoning County Auditor’s Office. [Tribune Chronicle] The theater, originally built in 1986, will continue to operate as a Regal Cinema.

Lease Agreement and Renovations at Regal Boulevard Centre

According to Joe Bell, a spokesman for Cafaro, Regal Cinemas is now leasing the building and its 5.4-acre site. [Tribune Chronicle] This transaction is linked to ongoing renovations at Regal’s second Mahoning Valley location, Regal Boulevard Centre in Niles.

The Niles theater is undergoing extensive renovations, slated for completion this spring. These improvements include luxury seating, updated concessions, a renovated lobby and the addition of beer and wine sales. [Tribune Chronicle] The theater remains open during the renovations, with upgrades being implemented auditorium by auditorium.

Regal Cinemas and Cafaro Co. Overview

Regal Cineworld Group, the second-largest cinema operator in the world by number of screens, operates nine theaters in Ohio, encompassing 5,396 screens across 395 theaters in 41 states, the District of Columbia, and Guam as of January 31. [Tribune Chronicle]

The Cafaro Co., through its real estate arm, owns over 40 properties spanning Ohio, West Virginia, Pennsylvania, Kentucky, Michigan, Iowa, Tennessee, Virginia, Washington, and Oregon. [Tribune Chronicle] The company also owns the former Dilliard’s location in the Southern Park Mall.

Southern Park Mall Property

Regarding the Southern Park Mall property, Cafaro Co. Has not considered a purchase offer. [Tribune Chronicle] Joe Bell noted that big box department store spaces are slow to lease and the former Dilliard’s remains vacant.