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After sitting vacant for the past three years, Pensacola’s Silver Screen Theatre may soon have new life, though it’s likely not what the theater’s fans had in mind.

The popular discount cinema — known for midnight screenings of cult classics like “The Rocky Horror Picture Show” — abruptly closed its doors in 2013 after 30 years in business.

Many hoped that the theater would reopen under new management, but no such plans emerged. On Tuesday, New Orleans-based equity investment group Five R Investments, LLC announced their purchase of the Silver Screen complex, located at 7282 Plantation Road, as well as the adjoining four-story One University Plaza office building. Five R plans to convert the Silver Screen building into office and medical space, creating a single large office complex.

“The property is located at Pensacola’s highest-trafficked intersection of I-10 and I-110, and we see it as the center point of the metro area,” said Richard Juge of Metairie, La.-based RE/MAX Commercial Brokers, which coordinated the multimillion dollar acquisition. “This is an emerging market that has had thousands of new office jobs announced in the last year and more coming. We see this as a rare opportunity to redevelop a property that’s been neglected in recent years and put it back in commerce as the most accessible office complex in town.”

Pensacola’s Beck Partners Holdings, LLC has been retained to market and lease the remaining area, including 25,000 square feet on the first floor of the complex.

“Escambia County is very excited to have Five R Investments redeveloping property around University Town Plaza,” said Escambia County Commissioner Grover Robinson. “We feel the redevelopment when finished will benefit both our citizens and taxpayers, and we look forward to seeing the finished product.”

David Valleto of Beck Partners said the property offers a “unique opportunity” for redevelopment. “We believe that with extensive renovations, including demolition of out-of-date buildings along with the site improvements, the property will become a destination location,” Valleto said. “Potential tenants could include office, medical and destination retail.”

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