The Garner Towne Square mall has been bought for $19.374 million by the private equity firm Blackstone, according to Wake County property records.

The deal was part of a 15-property portfolio sale that Regency Centers announced with Blackstone last month. Blackstone acquired the portfolio for $321 million. It includes 2.1 million square feet of space that was 90 percent leased at the time the deal closed.

Garner Towne Square on Timber Drive was the only North Carolina property in the portfolio. It includes nearly 185,000 square feet of space that was 90 percent leased as of the end of June. The mall’s anchor tenants include Kroger, PetSmart, Office Max, Target and Home Depot.

Regency Centers owns more than a dozen properties in the Triangle, including Cameron Village in Raleigh, Erwin Square in Durham and Shoppes of Kildaire in Cary.

The struggling Garner Towne Square movie theater has closed, with its owners blaming the slow economy and a lease dispute with the shopping center's landlord.

Friday night was the theater's last. The signs, fixtures and other equipment are gone.

"We really tried. We didn't want to have to do this," said Hope Branch, director of operations for Carolina Cinemas. "We were paying extremely high rent in a dying shopping center. When you're barely in the black, it just wasn't good for our company."

About three months after a Garner movie theater switched to showing second-run films for $2, it has changed back.

The new owner of the 10-screen Garner Towne Square decided in August to try reduced prices to draw more customers. Business has suffered during the recession and as more moviegoers choose the newer White Oak 14 theater about five miles away.

The strategy didn't pay off and the theater shifted back "to stay in business," said Garner Towne general manager Robert Hughes.

Owner Carolina Cinemas converted back to first-run films on Friday. The theater will still be a bit cheaper than its rivals. Garner Towne now is charging $7 for adults, $5 for matinees and $4 for children.