Palace Theater on market for $3.35M

The eight-screen Palace Theater building in Chesterfield Village is up for sale for $3.35 million.

The Cox family, who developed Chesterfield Village, built the 28,700-square-foot theater and brought the cinema tenant to town in 1995, said Mike Fusek, listing agent with Sperry Van Ness/Rankin Co.

The Palace-Springfield, which also operates a cinema in Wichita, Kan., is under a lease agreement through November 2015.

Fusek said the building’s owner, Dearborn Development Inc., has reduced the price slightly since originally listed six months ago. According to the Greene County assessor’s office, the property’s appraised value is $2.64 million.

Fusek said the investment property, 2220 W. Chesterfield Blvd., has an annualized rate of return of 19 percent.

“It’ll sell,” he said. “It’s just a matter of finding the right buyer.”

Earlier this year in Chesterfield Village, Fusek helped broker the lease of Noble advertising and marketing agency’s Noble I to Summit Preparatory School. Noble/Dearborn LLC owns the 28,800-square-foot building at 2155 W. Chesterfield Blvd.[[In-content Ad]]