By Emily R West at Franklin Home Page
A new investor out of Kansas City will now have a real-estate holding worth $38 million with the purchase of Franklin’s largest movie theatre.
According to the Nashville Business Journal, EPR properties bought the Thoroughbred 20, located off of Frazier Drive. The theatre is operated by Carmike Cinemas. The NBJ found the reported purchase in a recent property transfer.
Williamson County property data shows that Oscar Properties bought the land in 2007. The Atlanta-based company held onto the 27 acre tract of land until its total market appraisal value grew to $21.9 million. The property appreciated by more than $13 million.
Oscar Properties originally purchased the property for $20 million. The theatre’s completed construction happened in 1999.
During the next year, the theatre will also undergo a makeover. The Tennessean reported Carmike’s Ovation Cinema Grill concept will go into eight of the 20 auditoriums.
It would take 3.6 million movie tickets sold at $10.65 to equate to the $38 million purchase. The Home Page will have a follow up story as news develops.
Emily West covers Franklin and Williamson County government and schools for Home Page Media Group. Contact her at [email protected]. Follow her on Twitter via @emwest22.
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