The former Marcus Southgate Cinema building on Milwaukee's south side has been acquired by its lender in a deed in lieu of foreclosure action, according to state records.
A deed in lieu of foreclosure is an arrangement in which one voluntarily turns over ownership of a property to the lender to avoid the foreclosure process.
Southgate Cinema, located at 3300 S. 30th St., was operated by Marcus Theatres, a division of Milwaukee-based
Marcus Corp. The company
announced in September that it was closing the Southgate Cinema, along with two other Milwaukee-area movie theaters.
Southgate Cinema was Marcus Theatres’ only remaining movie theater location in the City of Milwaukee.
The building, built in 1993, was acquired by Mukwonago-based
Citizens Bank from the property's owner, a New Berlin investor. It was valued at $1.5 million, state records show.
The now vacant 38,000-square-foot building sits on about 5.7 acres with 250 parking spaces, according to LoopNet.
In a September statement announcing the theater closings, Marcus Theatres said that its customers at these three cinemas are better served by “more expansive amenities” at its other cinemas, including Marcus BistroPlex Southridge in Greendale, Marcus South Shore Cinema in Oak Creek, Marcus Ridge Cinema in New Berlin, North Shore Cinema in Mequon and its Menomonee Falls Cinema.
