MINNEAPOLIS (WCCO) – Excelsior’s Old Log Theater – one of the oldest and most popular theaters in the country – has new owners.

The Stolz family, which held the theater for more than 70 years, has signed an agreement to sell the theater to Excelsior Entertainment, a press release announced Friday.

“This theater has given our family and the community great joy over the years but we finally came to the conclusion that’s it’s time to pass the torch on to a new generation of leadership so it will continue into the future”, said Don Stolz, who built up the theater’s legacy over many decades.

Excelsior Entertainment, the company buying the theater, is owned by Greg and Marissa Frankenfield. Greg Frankenfield is the CEO of Magenic Technologies, a major Minnesota tech firm. He and his wife are theater lovers and have invested in productions in London’s West End and on Broadway.

Frankenfield said he and his wife are honored to continue the tradition of live theater at the Old Log.

“We have discussed this with the Stolz family on and off for a while now and our only interest has ever been to ensure that the Old Log remains a vibrant regional and artistic community asset,” Frankenfield said.

Details on upcoming productions will be available shortly, the press release said.