A Regal Cinema in Royal Palm Beach has sold for $17.8 million.
The property was purchased by Rosebud Wellington Regal One, whose managing member is Craig Menin of the Palm Beach developer Menin Development, according to Palm Beach County property records.
Since its founding in 1985, Menin has owned and developed in excess of $1 billion of retail and mixed use properties throughout Florida, Virginia, Tennessee, Louisiana and North and South Carolina, according to the company’s website.
The cinema sold for $2.3 million below its purchase price in 2007, when Virginia-based Stafford Place Regal bought it for $20.1 million, right before the real estate downturn, property records show.
Located at 1003 North State Road 7, the 86,273-square-foot building was constructed in 1998 and sits on a 23.5-acre lot. — Sean Stewart-Muniz