A Georgia real estate investment firm bought the Five Points Theatre building at 1028 Park St. in Riverside on May 16 for $7 million.
The Seng Co. in Decatur, Georgia, bought the 16,037-square-foot building through 1028 Park LLC.
The seller was the Shad family through 5 Points Theatre Building LLC. It acquired the building in August 2004 for $2 million and renovated it.
Jack Shad, principal of 5 Points Theatre Building LLC, and Seng Co. founding principal Andrew Seng did not immediately respond to phone calls for comment.
The buyer’s website states it is a private real estate investment firm that is active in acquiring or capitalizing commercial and residential real estate in the Southeast.
“The firm seeks opportunistic and value-add investments across all major commercial property types including office, industrial, retail, residential, hotels and mixed-use projects. While applying our strict investment discipline, we have the ability to provide capital in a broad range of debt or equity structures and positions within a project’s overall capitalization,” it says on sengcompany.com.
The deed lists Five Points Theatre tenants including Brew Five Points, Dasher Hurst Architects, Riverstone Church, Wingard LLC, Zinn Architecture and Interiors Inc., the Palmer Knight Co. and Sun-Ray Cinemas Inc.
Amid rumors spread April 16 on social media about the possible sale and planned demolition of the Five Points Theatre, Shad released a statement:
“Our family bought the 5 Points Theatre Building in 2004 and did a complete historic rehabilitation to return this beautiful building to its original appearance. After almost 20 years, it is time for us to sell the building to a new owner who can maintain that legacy. After a long search, we have found a buyer with experience managing other historic properties throughout the southeast.”
Shad said the buyer will be honoring all of the existing leases, as required by law.
As for the rumored demolition of the 1920s-era movie theater, Shad said that in 2004 City Council declared the building a local historic landmark, meaning that it cannot be torn down to make way for a parking garage.
“We’re very proud to have played a small role in the ongoing history of 5 Points, and we’re excited to see what the future brings,” he said.