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After creating a dynamic concert and event venue that regularly hosts A-list entertainers, the owner of The Wellmont Theater at 5 Seymour Street in Montclair, N.J., is looking to sell this historic property to the next enthusiastic owner. NGKF Capital Markets was selected by The Rosen Group to exclusively market the theater, located in the town’s burgeoning arts district.
“This is a thriving, landmarked theater that has showcased such big-time musicians as Lenny Kravitz and B.B. King and is ideally situated steps from Montclair’s major thoroughfare, Bloomfield Avenue, also a regional dining and shopping destination,” said John Goodkind, executive managing director with NGKF Capital Markets, who is working with NGKF Capital Markets Executive Managing Director Steven Schultz, NGKF Managing Director Mitch Katz and Associate Stuart Harwood to market the site. “The property stands to prosper even more as the city updates the downtown with additional mixed-use, pedestrian-friendly development and draws in millennials who seek the live-work-play environment that Montclair has to offer.”
Opened in 1922, the theater underwent more than $5 million in renovations since 2008 and was redeveloped by The Rosen Group to become a concert venue. That included upgrades to the theater’s HVAC, electrical and plumbing systems, new bars in the orchestra and mezzanine areas, new stage lighting and sound system, and the installation of a flat floor where the orchestra seats were located. The theater now holds up to 2,600 people or about 1,500 for seated events and comes with a transferable liquor license.
Additionally, The Rosen Group has teamed up with Live Nation, the world’s largest promoter, to book events and promote the theater. The Wellmont regularly supports the annual Montclair Film Festival by hosting popular fundraising VIP cocktail event and receptions such as “A Conversation with Stephen Colbert.” This year, the theater was added as a new film-screening venue for the festival and opened the event with “Chef,” which was directed by Jon Favreau, who also starred in the movie alongside John Leguizamo, Sofia Vergara and Scarlett Johansson. The theater’s lounge hosted a party after the film’s screening.
This investment opportunity comes as Montclair is planning the expansion of its downtown redevelopment to create a theater and arts district that will include significant new residential, commercial and parking properties. The proposed plan also aims to build on Montclair’s widely-known reputation as a destination for restaurants, films and the arts. With six train stations (more than any municipality in New Jersey), numerous bus routes, direct train and bus service to New York City (12 miles away) and bike-friendly roads, Montclair is ideally positioned to support a thriving music venue.
“Whether as a single screen theater, multi-screen theater, or concert venue, the Wellmont has been, and I fully expect will remain, a Montclair institution; a vital component of the Township’s renowned arts and culture,” said Mayor Robert Jackson, Township of Montclair. “The prospects for our own version of ‘Lincoln Center’ in the areas of Bloomfield Avenue, Seymour and Willow Streets are particularly exciting. We are simply awed by what can be!”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.