The historic Somerville Theatre Building and Capitol Theatre Building were recently put on the real estate market for sale.

This is due to the building owner, Richard Fraiman, whose family has retained the buildings for decades, making the decision to retire.

President and Creative Director Ian Judge said that while the building is for sale, the theater business is not, as CSB Theatres, Inc. took over the operations of the Somerville Theatre, the Capitol Theatre, and The Crystal Ballroom in 2025, according to their website announcement.

The announcement also said that while the uncertainty of a sale like this can be unsettling for community members who both love these spaces and depend on them for work, they are “cautiously optimistic about the future.”

“With multi-year lease agreements in place, we are confident that little will change for us in the short term,” the announcement said.

Yet, CSB Theatres said that they will remain steadfast in their commitment to Somerville and Arlington, along with their strong support of the properties, which have become local institutions.

This additional support from these towns helps them to be “hopeful for what comes next,” per the website announcement.

“We are also working behind the scenes to ensure the future of these businesses. We don’t have all the details yet but hope to have more soon,” The commercial real estate provider, Hunneman, is the company that has been chosen to market these buildings.

According to Hunneman’s press release, the buildings are “a valuable “collection of three landmark mixed-use and multifamily properties totaling more than 130,000 square feet in Arlington and Somerville, Massachusetts.”

Their press release also reports that the properties have “10 commercial suites and 61 apartment units.

The press release adds that the properties include the Capitol Theatre Building at 202–218 Massachusetts Avenue in Arlington, the Somerville Theatre Building at 49–55 Davis Square in Somerville, and the Bryant Chambers Apartment Building at 36 College Avenue in Somerville.

Executive Vice President of Investment Sales and Capital Markets of Hunneman Carl Christie said that “this is one of the most unique investment opportunities [the company has] encountered in Greater Boston,” per their press release.

He adds that gaining opportunities to properties like this “with its history, visibility, and long-term ownership are exceptionally rare,” per the company’s press release.

“The portfolio combines irreplaceable real estate, iconic entertainment venues, stable in-place income, and premier transit-oriented locations,” Christie said.

International Film Society of Boston’s Executive Director Brian Tamm shares that he hopes that the properties will still remain a movie theater.

“It’s been a movie theater for over 110 years. So I hope that whoever buys it can recognize the value that it has in the community, and doesn’t try to make it something else,” he said.

He also said that there’s a bit of a concern that the buildings might be taken over and turned into a concert venue, which he feels would be a great loss for the community.

“We don’t have a lot of theaters, although it should be said that for a city of this size, Boston does have a great repertory community, more so than cities larger than us,” he said.

He adds that the city has a lot of theatres who play film on film and play classic films that are run by people in the community.

“I hope that whoever might take over the building can respect that tradition and kind of be enthusiastic about playing a part in that, rather than converting it to something else,” he said.

The Town of Arlington’s Town Manager, Jim Feeney also shared his feelings about the recent buildings up for sale.

“The Capitol Theatre is a fixture in the Arlington community, having just celebrated 100 years. The Capitol Theatre and other businesses on the block are an economic driver for the area that help make East Arlington a destination,” he said.

He adds that these buildings are home to more than just the businesses, as they having housing for many of their residents.

“We’ve been grateful for our longstanding relationship with Richard Fraiman and wish him a happy retirement and look forward to working with the next property owner.”