Seller Seeking $27M Bids For Suburban Multiplex
The owners of a 15-screen movie theater in the north suburbs have put the asset on the market for $27.4M. ECD retained Marcus & Millichap to entertain bidders for Regal Cinemas' Lincolnshire Stadium 15 & Imax, the entertainment anchor of ECD's larger City Park mixed-use development in Lincolnshire.
ECD built the theater in 1998. Regal Cinemas exercised a 12-year lease extension early and invested $3.8M of its own capital toward a $5.7M renovation. The 94K SF property has over 4,000 stadium seats, upgraded food and beverage service, and the only IMAX screen serving the north and northwest suburbs.
The property originally had 21 screens, but Lincolnshire's village board approved a proposal from ECD in May 2016 to tear down five screens and build a 302-unit apartment development, which would give future residents direct access to the theaters and City Park's retailers.
Marcus & Millichap Senior Associate Aaron Baum, who is marketing the property along with Senior Vice President Preet Sabharwal and Senior Associate Daniel Corcoran, said Regal Cinemas' triple net lease on the property and the theater's revenues make this a safe and secure long-term asset for investors.