BOARDMAN, Ohio – An affiliate of Niles-based Cafaro Co. has purchased the Regal Cinemas South building at 7420 South Ave. for $2.3 million, according to records from the Mahoning County Auditor’s Office.
Auditor’s data show that 7420 South Avenue LLC purchased the building and accompanying 5.4 acres from Regal Cinemas Inc. on Wednesday. The property was appraised at $3 million, according to auditor’s records.
The buyer’s taxpayer address matches that of the Cafaro Co. of Niles, which owns the Eastwood Mall Complex and is among the largest private retail commercial developers in the country.
Joe Bell, spokesman for Cafaro Co., said the purchase was part of a deal with Regal Cinemas, which is renovating a movie theater at Cafaro’s Eastwood complex. Regal had requested some help from the Cafaro Co., which agreed to acquire the Boardman location and lease the building back to Regal, he said.
Meanwhile, the Regal Cinemas Eastwood location plans to install new luxury seating, new concessions and add beer and wine sales to its operations, Bell said.
It is unclear whether similar renovations are planned for the Boardman site. Both cinemas continue to operate, Bell said.