Sparta Theatre to be sold

Found this on the net, did you guys know about this?

Wednesday, September 14, 2005
By JESSICA SEDA
Herald Staff Writer

A local developer is committed to buying the Sparta Theatre, but is not sure about future plans for the building in the Theatre Centre on Woodport Road.

Nouvelle Associates LLC, of Sparta, has been before the township Planning Board with a concept plan and has said it will move forward with the purchase.

The theater has been in existence for more than 50 years and is currently owned by Planned Investment Equities. One of the company's owners, Dennis Shuman, said the theater is under contract, but is pending a closing date.

"There are no firm plans of what it will be used as," Shuman said. "That will be between the new owner and the leasee."

The theater has been leased by the Guttenberg-based Galaxy Theatre Corp. for around eight years, "We still have about two and a half years left on our lease and we are negotiating to extend it another five years," Galaxy owner Nelson Page said. Peter D'Antonio, co-owner of Nouvelle Associates, said he expects the sale to close by the end of the year. "We're at the point where we want to follow through with the purchase," D'Antonio said. "Where it evolves from here depends on conversations with the current owner and tenant. We are bound by their lease."

D'Antonio said the company is not sure what type of business will occupy the building but is open to possibilities. "We will work with the tenants," D'Antonio said. "There are a number of possibilities and nothing is nailed down yet." Possibilities include negotiating with Galaxy, letting its lease expire or renewing its lease, D'Antonio said.

Nouvelle Associates has held a concept meeting with the township to explore the idea of turning the theater into a restaurant. "We wanted to see if the town would permit it before we decided to finalize the purchase," D'Antonio said. "We don't know if that is what will go there. Right now, there is no one committed to the building besides the current tenant."

Galaxy also leases Newton Theatre, the only other movie theater in the county. It would not be viable for someone to purchase only the Sparta Theatre, Page said.
"One theater in Sussex County can't survive," Page said. "Between the two we do nicely, but owning one would not be profitable."