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South Florida

Palm Beach County movie theater sells for $17.5M

Craig Menin, manager of Rosebud Wellington Regal One, and 1003 North State Road 7
Craig Menin, manager of Rosebud Wellington Regal One, and 1003 North State Road 7

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.

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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

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DevelopmentRoyal Palm Beach