The Somerville Theatre property is for sale, along with the Capitol Theatre site, as part of a potential $40 million package, according to listings by real estate companies. That affects several businesses and tenants and could be a seismic change for cinema in the area.
“While the uncertainty surrounding a sale is unnerving for everyone who treasures these places, and especially for those who rely on them for their livelihoods, we’re cautiously optimistic about the future,” said the ownership team and staff act at the Capitol Theatre, Somerville Theatre and its Crystal Ballroom in a letter posted online Saturday that cites the business’ multiyear leases. “We are also working behind the scenes to ensure the future of these businesses. We don’t have all the details yet but hope to have more soon.”
Real estate listings refer to “a three-building portfolio for sale” that includes 49–55 Davis Square in Somerville – the Somerville Theatre is at 55 Davis Square; the Arlington property at 202-218 Massachusetts Ave.; and 36 College Ave.
These are the properties of the Fraiman family, which leases space to the cinemas – its Frame One Theatres properties was licensed last year to CSB Theatres, made up of a group of longtime managers. They bought the theaters saying they expected to own and operate them as usual. “We are known for being a real community theater, moviegoing on a human, old-fashioned scale,” manager Ian Judge told the Boston Voyager in 2017. Another member of the group is Ian Brownell, a board member at The Brattle Theatre in Cambridge’s Harvard Square.
“We have multiyear leases at both theaters and will continue to do what we have been doing since last year – keeping these neighborhood theaters an important part of their respective communities,” Judge said in an email.
The group’s online letter says that “with agreements in place, we are confident that little will change for us in the short term. That, coupled with our steadfast commitment to our communities of Somerville and Arlington, and their unwavering support of these local institutions, makes us hopeful for what comes next.”
Commercial and residential tenants
There are two screens in Somerville, including the 70 mm one in a hall seating nearly 900 people, home to film festivals throughout the year in addition to first-run and repertory screenings, and six screens at the Capitol, home of the Arlington International Film Festival. The Capitol is also home to a music venue, The 4th Wall.
The Arlington site – a three-story mixed-use property of 24 units, including six commercial suites and 18 residential apartments – is listed at $12 million. The site has recently held businesses such as an Otto Pizza, the Quebrada Baking Co., Maxima gift shop and craft center and a salon. The listing says it “is anchored by the historic Capitol Theatre and represents a fully occupied income property with strong historical occupancy, existing cash flow and future upside potential.”
The building holding the Somerville Theatre, which includes the Mr. Crepe restaurant as well as the ballroom and cinema, is listed by Hunneman for another $12 million. “This is one of the most unique investment opportunities we have encountered in Greater Boston,” said Carl Christie, an executive vice president at Hunneman. “The portfolio combines irreplaceable real estate, iconic entertainment venues, stable in-place income and premier transit-oriented locations. Opportunities to acquire assets with this level of history, visibility and long-term ownership are exceptionally rare.”
The College Avenue site, known as the Bryant Chambers building, is listed at $16 million as a 44-unit, five-story brick apartment building.
“Historic character and significance”
The theaters were sold to the Fraimans by the Viano family, who bought them in the 1970s. The Fraimans bought the Capitol Theatre block in Arlington first, then in Somerville in the 1980s. The portfolio has been owned and operated by the family for more than four decades, Hunneman said, and this retirement-inspired sale is the first time the portfolio has been offered to the market. “During that time, the family invested extensively in the preservation and modernization of both theatre properties, ensuring their continued operation while maintaining their historic character and significance within the community,” Hunneman said.
The Somerville Theater opened May 11, 1914, and the Arlington Capitol Theatre on Nov. 25, 1925. The Somerville Museum calls them among the country’s oldest continuously operating theaters.
The news surprised Ivy Moylan, of The Brattle. “Yikes,” she said. “This is huge.”
Moylan, who work for the Fraimans in the 1990s, said the real estate listings represented the family’s whole portfolio.
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