Mark New and Steve Neville, partners in retail-focused New &Neville Real Estate Services in Portland, OR, say the best thingabout theater properties is they have abundant parking and greatsignage. The biggest problem, they say, is the sloped floor, whichcan cost $25/sf to fill.
"That's not a cheap fix," says New. "So first you try to marketit to a use that can use it as is, such as performance-relatedactivities. For example, New this week is showing a vacant theaterproperty to a woman who wants to use it as a dance studio.
If things like that don't pan out, says Neville, one shouldstart thinking about marketing to those with the wherewithal todemolish and redevelop. Grocery stores, successful warehouseretailers and strip mall developers are always on the hunt forurban in-fill locations with abundant parking and good signage.
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