By JACK WEATHERLY
The UA Northpark 14 movie theater in Ridgeland will go on the auction block June 28.
Regal Entertainment Group notified the movie house’s owner, United Development Co. Global in early 2016 that it was not renewing the lease.
But it did. And as of Tuesday, Regal was still operating the theater.
Now United Development wants to find a different way to shed itself of the property, which it bought in 2015 as part of a portfolio of properties.
William McGuire, chief executive and managing partner of United, said Tuesday that the Southlake, Texas firm wants its portfolio to be geographically closer.
“We just decided to sell our interest and move on,” McGuire said.
The opening bid will be $250,000, he said. Asked if the auction is “absolute,” meaning it will be sold at the auction, McGuire said that the company expects to get a good price for the 36,000-square-foot building on the Ring Road north of Northpark Mall.
The on-site auction will be at 4 p.m. on June 28. Bids may be placed on auctionetwork.com during a live telecast. Williams and Williams of Tulsa, Okla., will conduct the auction.
The theater building had been for sale since its purchase, McGuire said.
Speed Commercial Real Estate was the listing agent.
A phone message left with Regal Entertainment on Tuesday was not returned.
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