Dallas — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.
Altamonte Springs, Fla. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding retail property in Altamonte Springs leased to Chuck E. Cheese. The seller, Irving, Texas-based CEC Entertainment, will lease back the property on a newly signed, 20-year lease. The property is situated at 541 W. State Road 436, 10 miles north of downtown Orlando. Michael Walseth of SRS represented the seller and buyer, a private Florida-based investor, in the sale-leaseback transaction. Further details were not disclosed.
Leawood, Kan. — AMC Theatres (NYSE: AMC) has closed all 630 AMC locations in the United States for at least six to 12 weeks, in compliance with local, state and federal directives, and as a precaution to help ensure the health and safety of moviegoers and theater staff amid the coronavirus pandemic. The company says it will continue to monitor the situation closely and remain flexible on reopening in accordance with the Centers for Disease Control and Prevention recommendations and governmental directives. More than a dozen states and major markets …
Greenville, Lula And Vicksburg, Miss. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nevada-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to close this year. Eldorado acquired Tropicana Entertainment Inc. and all of …
“Some people look for a beautiful place, others make a place beautiful.” — Inayat Khan This sentiment captures what today’s developers and city leaders are striving to achieve through the art of placemaking. Nowhere is this trend more evident than in the retail sector. Today’s retail owners and developers are becoming increasingly collaborative with city stakeholders and artists in an effort to create retail destinations that are more beautiful, impactful and powerful — ultimately attracting more guests, encouraging higher lengths of stay and increasing overall return on investment (ROI). One …
Tyngsboro, Mass. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a …
San Antonio — EVO Entertainment, an entertainment retail concept that combines bowling, movies, games, food and beverages, will open an 80,000-square-foot venue at Escala in San Antonio. The center will feature 10 movie screens, 12 bowling lanes, a restaurant and bar, arcade and virtual reality games, a ropes course and private event space. Metro Dallas-based N3 Real Estate is the developer of Escala, a shopping center located at the intersection of State Highway 151 and Military Drive on the city’s northwest side. The venue will be the seventh for EVO, …
Howard Samuels knows a thing or two about new concepts. For more than 30 years, he has represented retailers, entertainment concepts and restaurants seeking to find space in traditional retail environments. As president of Samuels & Company, he’s navigated deals with many of the nation’s largest landlords and introduced many new concepts to retail environments. SCB recently interviewed Samuels to get a take on what new concepts need to make a deal, and the disconnect between landlords and this new breed of tenant. SCB: Do you feel that retail landlords …
It’s a Millennial world; we’re just living in it. Though this might sound defeatist, the Harris Poll would probably tell you this information is quite useful. After all, we’re also living in a data-driven world. With that in mind, Harris Poll cites that Millennials make up two-thirds of the working population, with 10,000 Baby Boomers retiring every day. A recent survey by the market research firm also notes that 75 percent of Millennials would rather purchase an experience than fungible goods, or an item that can easily be replaced or …
Los Angeles — In today’s retail environment, adding local food and beverage concepts, entertainment venues and landscaped parks seems like a surefire way to revitalize a dated shopping center. A trickier task is determining how exactly these nontraditional concepts boost the bottom line. A panel of retail owners and service providers weighed in on this topic at France Media’s sixth annual Entertainment Experience Evolution conference at the JW Marriott L.A. Live in Los Angeles last week. “This panel started because I’m a bit of a skeptic as it relates to …
