VIRGINIA BEACH, Va. — A long-vacant theater near the Virginia Beach Oceanfront is set to be transformed into a new sports and entertainment venue.
The former Beach Cinema Alehouse property at 941 Laskin Road, which closed last year, has been sold for $6.3 million. The site will become “The Padel Foundry,” a facility centered around padel: a racquet sport that has grown in popularity internationally and is beginning to expand in the United States.
Gerald Divaris, chairman and CEO of Divaris Real Estate, represented the sellers in the transaction. He said the theater struggled in recent years as streaming services changed how people consume movies…