The acquired property is the Movieland Theater, a 35,000-sf, six-screen movie theater on 11.6 acres, five acres of which remains undeveloped, says Reid. The theater will cease operations after their latest movie run, says Reid. "With all the other new theater complexes around here, that one wasn't paying its weight, I guess," says Reid.

Arlie & Co. is a buy-and-hold company for the most part. Reid describes the company as a small regional development firm that owns shopping centers, apartment complexes and industrial developments in Northern California, Oregon and Washington. Arlie & CO. affiliates include Arlie Property Management and Black Horse Farms Inc. "We just look for properties that are underdeveloped or vacant," says Reid. "Sometimes we're looking for immediate upside and sometimes we purchase and hold and wait for a future project."

The Movieland property "is one we have no immediate (redevelopment) plans for," says Reid. "Anytime you can buy that larger of a parcel near the heart of a city in an artificially growth-constrained market like Oregon -- where the city and state have said they are not going to expand the urban growth boundary – you do it because such conditions keep adding value to the property."

Between now and the theater's closing, Reid says he will be touring the facility do assess how the building was constructed and what interior demolition work can be done to convert it for temporary use as offices or storage. The goal, says Reid, is to generate enough rental revenue to cover taxes until Arlie & Co. can redevelop the property.

The long-term options for the property are myriad thanks to its "General Commercial" zoning, says Reid. The allowable uses range from apartment buildings to call centers, from corporate headquarters to retail. "If somebody wanted to come along and buy the land -- like a large-box (retail) tenant -- we would certainly consider it, though we are more of a buy and hold company," says Reid, alluding that it would have to be a pretty tasty offer.

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Regal Cinemas Unloads Older 11-Acre Southern Oregon Theater Property

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