The life of the Old Town Theater as an entertainment venue may be coming to an end after a rocky few years. The contents of the theater are currently up for auction, and the property is up for sale.
The theater’s owner, PMA Properties, closed it on a temporary basis in July, as the Alexandria Times reported. A message on the theater’s voicemail notes that it is closed for renovations with no reopening date.
A call to PMA Properties was not immediately returned.
But the property went on the market in early August with an asking price of $3.5 million, according to Loopnet. According to a source with knowledge of the property, the owner has decided to close the theater for good and sell or lease the space.
PMA founder Rob Kaufman purchased the theater at the end of 2011 for $2 million. The theater was closed for part of 2012 for a painstaking rehabilitation and reopened in early 2013. But it had trouble consistently booking talent and programs that would draw a crowd.
The auction for its contents is expected to close Oct. 10. Rasumus Auctions is currently marketing audio equipment and sound boards, lighting and projectors, a Yamaha piano, a Tama drum set and all the theater’s seats, according to the auction page.
The auction also includes food and beverage equipment such as tables and chairs, refrigerators, an ice machine and kitchen appliances.
Major national retail tenants have long been attracted to the property for its prime location on King Street between Washington Street and U.S. Route 1. After purchasing the theater in 2012, PMA Properties considered turning it into retail, but eventually caved to pressure to help it remain a theater venue.Read the full story from the Washington Business Journal.