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Eddie Carranza Sells Portage Theater

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The Portage Theater, a Chicago landmark, has new ownership. Embattled owner Eddie Carranza sold the theater at 4050 N Milwaukee, along with 34 apartments and eight storefronts, for $2.5M.

The new owner, Barnett Capital subsidiary BCL Multi Family, plans extensive renovations to the theater and the apartments, which are being rented below market value, DNAInfo reports.

Carranza, who also owned the Congress Theater and bought the Patio Theater for $2.5M last October, bought the Portage in 2012, months before City Council approved landmark status for the theater. His ownership has been a rocky one, as he's clashed constantly with Ald. John Arena (45th) over plans for the venue. Arena's office responded to news of the sale with optimism, as Arena considers the Portage to be a linchpin to redevelopment in the Six Corners Business District.

Charlie Burns, the Carranza associate who operates the Patio, will still operate the Portage for now. [DNA]