Actually it's not so straightforward, I would say. In Ukrainian we often use "Це(й)" for the purposes English speakers employ both That and This talking about a particular stuff. However, "То(й)" is used more rarely, more likely pointing at some distant object. Finally, "Цей" & "Той" are very often interchangable.
цей - this theater, це - this/it is a theater. Цей is a demonstrative adjective, це is a demonstrative pronoun