Maryland firm purchases Iceoplex property
March 16, 2017
A Chevy Chase, Md., holding company has purchased Southpointe’s Iceoplex.
Iceoplex Operating LLC, an affiliate of Blackstreet Capital Holdings, acquired all of the assets of the Southpointe sports complex, with plans to improve the financially troubled facility.
The amount of the transaction, which occurred in late January, was $4.5 million, according to a deed filed in the Washington County recorder of deeds office.
According to a news release from BCH, the facility has one sheet of ice, a multi-purpose indoor sports court used for indoor soccer and other turf sports, a health club, outdoor volleyball courts and the BLVD Pub and Kitchen restaurant.
The Iceoplex, located on Southpointe Boulevard, is a year-round indoor ice arena that is home to numerous youth hockey and figure skating clubs and was previously the training facility for the Pittsburgh Penguins.
BCH said the Iceoplex is the fourth ice arena purchased by one of its affiliates.
Other ice rink holdings are Piney Orchard Ice Arena in Odenton, Md.; IceWorld in Abingdon, Md.; and Seven Bridges Ice Arena in Woodridge, Ill.
BCH is led by Murry Gunty, CEO, and Lawrence Berger, chief investment officer.
The Southpointe arena will be managed by Ice Rink Performance Group, which also manages Bill Gray’s Regional Iceplex in Rochester, N.Y., and the Seven Bridges arena in Illinois.
“Similar to what we have been able to accomplish in Rochester with Bill Gray’s Regional Iceplex, we expect to implement improvements to the facility that provide for the ultimate customer experience and a full array of programs for ice sports, indoor arena sports on the multi-purpose court as well as affordable family entertainment that promotes physical activity and healthy lifestyles,” said Chris Woodworth, the IRPG director of public relations and marketing.
BCH is a diversified holding company that seeks investment in debt and equity of companies that are either underperforming, in out-of-favor industries or are involved in education, manufacturing, sports and entertainment, distribution, ecommerce and franchising.
The purchase of the Southpointe facility by BCH last month follows the January sentencing of former Iceoplex co-owner Steven Lynch, who received four years in prison for failing to account for and pay employment taxes.
Lynch, 61, a tax attorney from Pittsburgh, was convicted in September in federal court of 16 counts for failing to pay more than $790,000 in federal taxes.
Between 2004 and 2015, Lynch co-owned and operated the Iceoplex, controlled the finances for the various businesses operating in the rink and was responsible for collecting, accounting for and paying taxes withheld from employee wages and filing quarterly employment tax returns.
In addition to the prison term, Lynch was ordered to serve three years of supervised release and to pay $793,145 in restitution to the IRS and a $75,000 fine.