The owner of the Warren Mall has sold Warren Mall Cinemas to Dipson Theaters for $360,000.
Mike Kohan, owner of the mall, is listed as the grantor to M & B LLC which purchased the 3.67-acre lot on Sept. 16. The minor subdivision for the lot was approved by the Warren County Planning and Zoning Commission on May 23, according to paperwork filed at the Warren County Courthouse.
"The opportunity presented itself and we took advantage of it," Michael Clement, president of Dipson Theaters, said. "We leased, now we own."
Times Observer photo by Ben Klein
Mike Kohan, owner of the Warren Mall, has sold Warren Mall Cinemas to Dipson Theaters. Over the last year the theater has upgraded to digital, 3D projectors and a new sound system, according to Michael Clement, president of Dipson Theaters.
Clement said the theater had already made a long-term investment by purchasing three digital projectors and 3D projectors last year along with a new sound system.
"It shows our long-term commitment to the community. We're looking to do a lot more promotions and marketing of the theater," he said. "We're looking to get involved with other local merchants doing marketing and the community as a whole."
While Dipson Theaters also operates a theater in Bradford, Clement said this is the only theater Dipson owns in Pennsylvania.
George Zamias, former owner of the Warren Mall, sold the property to Warren Mall Realty Management for $720,000 in April 2011.
In March, an appraiser hired by the mall to determine its value established that the fair market value should be $1,032,051, not the $2,194,161.20 that is the current valuation.
Warren County Common Pleas Judge Maureen Skerda ruled that Warren Mall Realty failed to meet its burden of proof and denied the tax appeal.