The buyer is a partnership consisting of the key principals of Houlihan-Parnes/iCap Realty Advisors of White Plains and some of its affiliates. The seller was Bedford Village Playhouse Associates. No purchase price for the property was disclosed.

James J. Houlihan, principal of Houlihan-Parnes/iCap Realty Advisors, says the property sits on a 3.2-acre site, which includes an open, grassy one-acre open parcel that is known by locals as "the Great Lawn."

"Part of our acquisition strategy is to purchase properties with upside potential in attractive communities in the region and the Bedford Playhouse was a perfect fit for us. We were attracted to its great location, in the heart of Bedford Village," Houlihan says. "The deal is similar to our acquisition of the Parkway Road building, an 80,000-sf retail/office building at the Bronxville Train Station earlier this year. Both properties offer a great location with significant upside potential. These are the types of properties we want to hold for the long term."

The Bedford Playhouse property was originally built more than 50 years ago as a playhouse for staging live productions. The 42,000-sf building was later converted into a movie theater. The theater is now operated by Clearview Cinemas which has a lease at the property through 2011. Houlihan-Parnes officials note that the firm intends to make immediate improvements to the building.