Industry Noize: Wellmont For Sale

The Rosen Group, a real estate company that focused on Manhattan’s office space, bought the 93-year-old theatre in 2007 to convert it into a concert space.

Although Rosen fulfilled its goal and brought in acts like Wilco and Elvis Costello, along with younger acts like Bassnectar and Wellmont Theatre, it has hired NGKF Capital Markets to look into selling the property for $6.7 million, according to the Wall Street Journal.

“[The venue] is in tune with the demographic of the town a bit. It’s a suburban town,” Rosen CFO Tom Goodkind told the paper. “We’re trying to bring those acts that people saw at the Fillmore in the ’70s or at Roseland in the ’80s or ’90s, and bring them to a place that’s more convenient to the Jersey guys and gals who live there.”

The company bought the Wellmont for $2.5 million but invested at least $5 million into the renovations and improvements.

Approximately $1 million went to lighting and sound alone. Live Nation promotes the venue with an agreement to bring 80 shows a year over three years. Rosen is in talks with Live Nation to extend that contract for another five years, according to the WSJ.

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