Katz Properties buys Waltham's Embassy Cinema for $3M

Katz Properties, a New York real estate investment, development and management company with offices in Boston, has purchased the Embassy Cinema in Waltham for $3.1 million.

The 20,000-square-foot cinema in the downtown was sold by Ship To Shore LLC. The Belmont firm purchased the one-acre lot at 16 Pine St. in 1997 for $550,000 and built the six screen theater the following year. It is assessed at $3.1 million.

Daniel Katz, a principal of Katz Properties, said he plans to keep the cinema as a tenant.

“While our focus remains on multi-tenant, supermarket-anchored shopping centers, we are eager to take advantage of good opportunities in the single-tenant, triple-net space, especially on a great corner in a dynamic town like Waltham,” he said.

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