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The Middle East nightclub property that’s been a focal point of the live music scene in Cambridge’s Central Square since the 1980s is on the market as the owners seek redevelopment opportunities.

The Cambridge Day reported Thursday that Boston-based brokerage Hunneman had listed the 0.54-acre property at 472-480 Massachusetts Ave. 

Owners of the nightclub and real estate said they plan to keep the music venue open if the property is redeveloped.

“The Middle East business is here to stay and will be a part of any development at 472-480 Mass Ave.,” the Sater family said in the statement.

Sater Realty LLC bought the property in 2014 for $7.1 million with a $3.35 million mortgage, according to property records. The asking price is $40 million, according to the Cambridge Day report.

The Middle East opened as a restaurant in 1970 and added live music in the 1980s. The complex includes ZuZu restaurant and Sonia, a second nightclub opened in the former T.T. the Bear’s space.