The Monroe City Council authorized last week the sale of 9 acres to Beta-Kelsey Station.
"The city has decided it doesn't want to be a landlord anymore," Monroe's economic development manager Jeff Sax said. "That's not a clear function of government."
Galaxy Theatre has a 25-year lease agreement with possibility to extend it for five more years. The theater at 1 Galaxy Way off N. Kelsey Street, has been open since 1999 and has paid the city about $156,000 a year in rent.
Terms of the lease have not changed because of the sale, Sax said. The revenue from the sale is planned to be used for the city's reserve funds, he said.
The new owners have not decided what to do with the land at this time, Beta-Kelsey partner Richard Brunhaver said.
"We are evaluating the situation," he said.
The city gave an option to buy the property to Galaxy Theatres, which is based in California, but it declined, Sax said.
Multiple phone calls to representatives of Galaxy Theatres were not returned.
Galaxy Theatres has three venues in Washington state. The other two are located in Tacoma and Gig Harbor. It has more theaters in California, Nevada and Texas.
The real estate company representing Monroe, Newmark Grubb Knight Frank, is receiving a 3 percent -- or $60,000 -- commission from the sale.
Alejandro Dominguez: 425-339-3422; email@example.com.
More Local News Headlines
Three weeks out, only four 911 texts have been valid County deputy director named president of state engineers association Accident victim has endured, thanks to his family, police officer Crews try to save man pulled from Stillaguamish River State’s oldest full-time worker on the job at EdCC Lord Hill levee repairs to start July 29 Less than a week before election, only 9.1 percent of ballots returned Red Cross on the lookout for heroes
Our new comment system is not supported in IE 7. Please upgrade your browser here.