The Pinnacle Companies, along with its institutional investor, a global commercial property company that owns, operates and invests in best-in-class assets, announced today that the firms have collaborated to purchase the Wellmont Theater in Montclair. The team has closed the theater and is currently investing significant dollars to renovate and upgrade the iconic property, originally built in 1922, into a world-class live entertainment venue.
“The Wellmont Theater is a tremendous asset for the Township of Montclair, and we are thrilled to bring it up to its full potential as a regional attraction,” said Brian M. Stolar, president and CEO, The Pinnacle Companies.
Live Nation Entertainment, the largest concert promoter in the world, will program and manage an expanded lineup of performances and programming when the theater re-opens in September.
“We’re planning to offer more shows and a greater variety of live entertainment options at the Wellmont than before – with a mix of small, medium and large performances,” said Sean Striegel, regional senior vice president, music for Live Nation Entertainment.
A music-themed restaurant and bar will be located in the former Xocolatz restaurant space adjacent to the theater, offering food and drink options for patrons. The restaurant will be connected to the lobby of the theater, as originally designed in 1922.
The team is also pursuing the acquisition of the former Social Security building adjacent to the Wellmont Theater on Bloomfield Avenue in order to support the future, long-term success of the theater in particular and the arts district overall.