For Sale: Price Drops on Towne 16 Theater in Egg Harbor Township
The good news is if you have dreamed of owning a movie theater and a restaurant, the asking price has dropped on the old Towne 16 Theater in Egg Harbor Township.
We first reported in July, 2019, that the Towne 16 Theater complex and the adjacent former Outback Steakhouse building behind the old Shore Mall in Egg Harbor Township were both for sale with an asking price of $3.8 million.
Now, apparently listed by a different real estate firm, the price has dropped to an even $3 million for the 16+ acre plot of ground.
Levin Commercial Real Estate, based in Atlantic City, describes the property this way:
This Bank Owned property is comprised of a 15-screen multiplex theater complex formerly known as Towne 16, as well as a free-standing restaurant building which was formerly leased by Outback Steakhouse located on 16.49± acres. The building contains roughly 56,300 square feet of gross building area, comprised of 49,500 square feet on first floor which encompasses a lobby, concession areas, men's and women's restrooms and fifteen theatres. There is also an additional 6,800 square feet of upper level mezzanine space, which houses the building’s projection booths, private screening room and office space, which were once used as Frank Theater’s administrative offices. The restaurant building contains roughly 6,163 square feet of building area. When outback vacated the premises they removed a majority of the restaurant equipment apart from several stainless steel food prep stations as well as two walk-in freezers.
The Towne 16 closed two years ago this month with very little notice.
Back then, Bruce Frank of Frank Theaters, which filed for bankruptcy protection in 2018, told The Press of Atlantic City, "The theatre has been closed ‘temporarily’ for us to make way for a ‘CineGrille & Bowl,’” which was to feature a 10-screen theater, inside dining, and an arcade. Those plans never materialized and since then the building has sat vacant and is beginning to show some weathering on its exterior. The new listing does not include any pictures of the interior of the theater.
Outback Steakhouse moved to a new location in Mays Landing a number of months ago.
Should you be interested in lighting-up the marquee, contact agent Lee Jerome at (609) 344-5200.