A buying group that includes the founder and CEO of Torrance-based cinema chain Krikorian Premiere Theatres has acquired two medical office properties in Solana Beach for $15.5 million, according to CoStar Group and public data.
Specific plans for the buildings, at 530 Lomas Santa Fe Drive, have not been disclosed, but it appeared that a new theater was not immediately in the works.
“The Solana Beach medical complex was purchased by one of my LLC’s and has nothing to do with the theatre business,” said George Krikorian, who is also the cinema company’s president, in an email to San Diego Business Journal.
CoStar data lists the recorded buyer as Showprop Monrovia LLC. The true buyers – the parties involved in the formation of the limited liability company registered as the purchaser – are listed as George Krikorian, along with Freeway Crossing LLC of Redondo Beach and Krikorian Premiere Theatres LLC of Torrance, both led by Krikorian.
The Solana Beach buildings, which total 31,522 square feet and sit on 3.4 acres, were purchased from 530 Lomas Santa Fe LLC, which includes Rawlings DDS Inc. and local pediatric dentist William Rawlings.
According to its website, Krikorian founded the cinema company in 1984 and sold most of its theaters to Regal Cinemas in 1996. Krikorian Premiere Theatres continues to operate cinemas in Buena Park, Downey, Monrovia, Redlands and San Clemente.
A Krikorian location that operated in Vista was closed last year and replaced by Cinepolis Luxury Cinemas.