Detroit’s last movie multiplex sells at online auction
The last multiplex cinema in Detroit was part of an online auction for an east-side shopping center that fetched a $3.8 million final bid Thursday.
The three-day online auction of the Bel Air Centre, a 341,994 square-foot shopping center located between Conner and Eight Mile, ended with a last-minute flurry of bids on auction.com.
The buyer wasn’t identified and the sale isn’t final until due diligence is performed, such as terms of the sale and financial standings of the buyer and seller.
The sale of the retail center includes the Bel Air 10 Theatre, the final first-run multiple-screen movie complex in the city limits.
In June, the Ren Cen 4 Theatre, a four-screen complex inside the Renaissance Center downtown, closed after nearly 40 years. Management said the space was too small and old to compete with suburban complexes.
The 36.6-acre Bel Air Centre is located at 8500-10100 E. Eight Mile on the border of Detroit and Warren. The center includes four single-story buildings that are 70 percent occupied, according to the auction listing.
Forman Mills, a discount clothing store, takes up 46,679 square-feet on the site, which also includes Romeo and Juliet Furniture.
In 2010, the property was purchased by a group that included entrepreneur Tom Sullivan, the founder of Lumber Liquidators and Cabinets-To-Go. The group opened up the 8 Mile Trade Center, a nearly 100,000 square-foot indoor trade center and marketplace, which has since closed.
In 2013, the shopping center was sold to Namdar Realty Group LLC out of Great Neck, New York.