 | | | Rheem Theatre and surrounding retail shops Photo Vera Kochan | | | | | | Moraga's Rheem Theatre located at 350 Park Street, has been on and off of the market since 2008 when prior property owner Mahesh Puri tried to sell it. With a list price of $4.2 million, on April 12 the property finally found a buyer.
The Rheem Theatre property includes retail shops Glam Palace at 348 Park Street, iRepair Moraga at 354 Park Street, Sushi Fighter at 356 Park Street, and Ristorante Amoroma at 360 Park Street.
The Kase Group's Senior Vice President Michael Cisternino confirmed the April 12 closing date. The 2.1-acre lot with a square footage of 22,828 sold for $4 million to Cinema West, which has a corporate office in Petaluma and owns theaters with 14 locations in California alone.
The historic Rheem Theatre, built in 1957 by architects Cantin and Cantin, boasted a lobby loaded with movie memorabilia, but theater operator Derek Zemrak confirmed that the movie memorabilia was not part of the sale and will not be staying at the Rheem.
Moraga Community Foundation President Tom Schnurr stated, "We are happy to say that our lease remains intact and it is currently business as usual at the Rheem!" This statement is evidenced by the theatre's marquee listing the April 26 opening of the much anticipated and potential blockbuster "Avengers: Endgame."
Lamorinda Weekly reached out to Cinema West for information about future plans for the Rheem Theatre property and adjacent retail shops but did not receive a reply by press time. |
Lamorinda Weekly, Moraga CA