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Cinema Circle |
Bear Stearns Funds AMC Theater Loan
Bear Stearns Commercial Mortgage, Inc. (BSCMI), the direct lending affiliate of Bear
Stearns & Co., provided a $17.85-million fixed-rate loan through Huntoon Hastings
Capital Corp./Thellman Financial Corp. on a 30-screen AMC megaplex theater property
located in Warrenville, Illinois. The property, which was built in 1997 and 1998,
encompasses 130,757 net sq.ft. The loan was underwritten at a 50 percent LTV and has a
10-year term with a 25-year amortization.
For information: AMC, 310-553-0515, Fax 310-553-1734.
Century Signs Letter of Intent for Sacramento
Century Theatres signed a letter of intent with Westfield Corp. paving the way for a
16-screen multiplex predicted to be the centerpiece of redevelopment efforts in downtown
Sacramento, California. Westfield, the owner of Downtown Plaza, is partnering with local
developer David Taylor in the development of an estimated $140-million office and retail
project.
A development deal, still under negotiation, may see the developers paying $11 million to
the Sacramento City Council for a city-owned block of property to house the project. The
council would then later use the money to help buy land to build the cinema. It is hoped
that the cinema and the mixed-use development will stimulate growth in the area and to
return it to the entertainment center it was 40 years ago.
Century is expanding from its present 700 screens, with 400 new screens planned or under
development.
For information: Century Theatres, 415-776-3045.
Regal 10 Cinema Proposed in Sturbridge, MA
A 10-screen, 39,272-sq.ft. Regal Cinema has been proposed in Sturbridge, Massachusetts.
The developer of record is WS Development of Chestnut Hill, MA and Atkinson/Dyer/Wilson
Architects, of Charlotte, North Carolina, is providing design services. Although working
drawings are underway and construction bids have been requested, the project is on hold
pending owner review.
In its financial statement for the first quarter ended March 30, 2000, Regal Cinemas, Inc.
indicated that it planned to open no more than 313 screens during 2000 with total capital
spending of just under $200 million. In 2001, the company plans to add less than 150 new
screens with total spending of less than $100 million. The slowing of new screen
development will be accompanied by accelerated closure of older, underperforming sites.
For information: Regal Cinemas, Inc., 423-922-1123, Fax 423-922-3188.
Cinemark To Build in Dallas and Hadley
Construction is scheduled to begin this summer on a 16-screen Cinemark theater in Texas at
the Southwest Center Mall in Southwest Dallas County. More than a year behind schedule,
ground breaking of the 50,000-sq.ft. theater was delayed when disagreements concerning its
location arose among the mall’s major retailers. JCPenney, in particular, was
reportedly concerned that the theater would obstruct store visibility, as the IMAX theater
screen planned for the complex is five stories tall and seven stories wide. Plans were
totally redesigned and redrawn to place the theater above the food court level.
The new theater is expected to rejuvenate the mall, where occupancy has fallen to 62
percent. In addition to getting the theater back on track, the Southwest Center has a
letter of intent from Gap Inc. for a 13,000-sq.ft. store and plans from Musicland to
expand its current location this spring. The center projects that by the time the cineplex
opens next spring, the mall’s occupancy rate will increase to about 85 percent, a
level not reached in nearly 10 years. Current anchors include Dillard’s,
Foley’s, JCPenney, Montgomery Ward, and Sears.
In Hadley, Massachusetts, construction bids were requested in March for a new
52,000-sq.ft. Cinemark 12/The Best Seat In Town theater at Hampshire Mall. The developer
is The Pyramid Companies of Syracuse, New York.
For information: Cinemark, 972-665-1000, Fax 972-665-1004; Southwest Center Mall, leasing,
971-296-1491; Pyramid Companies, 315-422-7000.
Muvico Announces Equity Agreement
Muvico Theaters, Inc. completed a $100 million round of financing which combines $41.5
million of equity and $60.2 million of debt financing. The company intends to use the
proceeds to build six to eight new locations annually.
Equity participants include Fleet Equity Partners of Providence, Rhode Island; BCI
Partners of Teaneck, New Jersey; and The Amaturo Group of Ft. Lauderdale, Florida. Ocean
Bank of Miami will provide bank financing.
Muvico currently operates 114 screens and one IMAX® 3D theater. Six additional theaters
with 126 screens in the Southeastern United States and another IMAX 3D theater are
scheduled to open during 2000.
For information: Muvico Theaters, 954-564-6550, Fax 954-564-6553.
Consolidated to Open Theater in Suffolk
Sigma National Inc, a commercial real estate company based in Richmond, Virginia, brokered
a lease with Consolidated Theaters for a 16-screen, 61,500 sq.ft. theater at Harbour View
Station West in Suffolk, VA. The theater is currently under construction and is scheduled
to open this summer. Tred Spratley, president of Sigma, represented the landlord in the
lease transaction.
For information: Tred Spratley, Sigma National, 804-320-6100; Casey Brock, Consolidated
Theaters, 704-554-1695.
Wisconsin Town May Get Drive-In
The town of Vandenbroek, Wisconsin gave tentative approval for a special use permit that
would allow construction of a multi-screen drive-in movie theater on 30 acres at the
corner of County J and Kelso roads.
Todd Gress of Antigo, Wisconsin plans to build a modern version of the outdoor cinema
style that was popular in the past but has since given way to ultra-amenity indoor
theaters. According to Gress, a drive-in theater can compete in today’s market with
some modern technological innovations. He says the sound for the movies will be
transmitted in FM-stereo directly to car radios and that visual effects will be much
brighter and clearer than in previous drive-in facilities, with newer-style projectors and
back-lit screens. Gress plans for the theater to play first-run, top-10 box office hits,
mostly family-oriented films rated R or PG-13, and all shows will offer double features.
The drive-in’s capacity is planned at between 1,600 and 1,800 cars.
The property for the proposed drive-in is currently zoned for agricultural use.
Gress’ acquisition of the site is contingent on a special use permit allowing
deviation from the stated use.
For information: Outagamie County Board, 920-832-5054.
Harkins Plans Major Expansion
Harkins Theatres announced an aggressive growth plan to include opening 10 movie
megaplexes containing 189 screens, of which 100 are slated for metropolitan Phoenix. The
expansion will nearly double the company’s screen count and will take place from this
summer through summer 2002.
In late May, Harkins completed negotiations with Westcor Partners to anchor three of the
developer’s master-planned retail entertainment centers in Phoenix. The agreement
will result in the Chandler Fashion Center 22, scheduled to open during fall 2001; the
North Scottsdale 20, to open in winter 2001; and the Gilbert Crossroads 20, planned for a
summer 2002 opening.
Harkins also has plans to open two other megaplex theaters in the Phoenix metro valley,
the North Valley 16 in summer 2001 and the West Valley 22 in winter 2001.
Outside of Phoenix, Harkins has several projects in pre-production, including the
Albuquerque 18, Fresno 20, Prescott Valley 14, and the renovation of the Valley Art in
Tempe. The company’s pipeline includes two luxury cinemas in the Tucson area slated
to open during winter 2001. The 103,000-sq.ft., 4,500-seat Harkins River Crossing 20 will
be located in River Crossing, which includes 400,000 sq.ft. of retail, restaurants and
office space. The second will be the Oro Valley 14 at Steam Pump Village, a 41-acre
project containing 550,000 sq.ft. of retail, restaurant and office space and a 250-room
hotel. The Oro Valley 14 will debut a new luxury concept, The Premiere Club auditorium,
with reserved seating, personalized customer service and gourmet menu items including
cocktails.
In a bid to establish a regional presence, Harkins officials are considering expansion
outside of Arizona and are looking at sites throughout the Western United States,
including California, Colorado, Utah and New Mexico.
For information, Wayne Kullander, executive vice president, Harkins Theatres,
480-627-7777, ext. 134.
First Dual-Screen IMAX Planned in Texas
The IMAX Theatre Rivercenter, one of the leading tourist attractions in San Antonio,
Texas, is expanding in response to increased demand from the city’s growing visitor
industry.
The center plans to add a second IMAX theater with the capability to show both 3-D and 2-D
IMAX presentations, as well as give a striking new look to the theater’s street
entrance on Crockett Street. Doug Beach, president of IMAX Rivercenter, says, “There
is definitely enough demand from visitors and San Antonians alike to support two
screens.”
With the expansion, the IMAX Rivercenter will become the first commercial IMAX theater in
the United States to feature two screens. The center is one of the top 10 visitor
destinations in San Antonio and among the top attractions in Texas, drawing 6.5 million
visitors since opening in 1988.
A new lobby will be build on the first level of the Rivercenter and will be complete by
August. The new 275-seat theater auditorium is scheduled for completion in February 2001,
bumping total capacity to 750.
For more information, contact Doug Beach, president, IMAX Theatre Rivercenter,
210-247-4629.