Two brokers from a Denver commercial real estate firm bought the Esquire Theater building along 6th Avenue after renting it out for sale.
According to public records, Tim Finhallham and Sam Laser of Unique Properties bought the theater at 590 n Downing St. for 2. 2.1 million.
“After walking countless people inside the building and showing the property many times, we decided it was a great asset to buy,” Finholm said.
The theater was built in 1927 with the help of one screen as the Hiawatha Theater. It now has two screens and was recently renovated in 2019. Land Landmark Theater Chain has leased Escar since 1980.
The records show that the 9,175-square-foot building on 0.09-acre land was sold by Esquire LLC, for which $ 850,000 was paid in 2015, records show.
Finholm said the previous owner decided to sell because the landmark had not paid rent since April 2020, when the epidemic forced businesses like movie theaters to close. The theater reopened in May of this year, according to the Denver Post.
Finholm said the property has received multiple offers, but has sold well under the asking price because the landmark lease is due by 2024.
“Most people wanted to rebuild the property but there were too many lease conditions left for a developer to lease,” Finholm said. “They wanted the tenant to move around now and reconsider the property rather than wait.”
Finholm said what happens to the property after 2024 will depend on whether it wants to remain a landmark.
Landmark also operates Mayan, Landmark Greenwood Village and Chase Artist Theater in the Denver metro area.