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Owner puts AMC Cantera 30 up for sale
posted by
CSWalczak
on
March 8, 2010 at 7:46 am
WARRENVILLE, IL — The Cantera 30’s owner is putting the theater, built in 1998, on the market, asking $37 million. AMC’s current lease does not expire until 2015 and the chain holds renewal options.
AMC Cantera 30, one of the region’s largest and top-grossing movie theaters, opened in 1998. The theater, at 28250 Diehl Road just off Interstate 88, is owned by Kansas City, Mo.-based Entertainment Properties Trust and an offshore investor and is leased to the operator, American Multi-Cinema Inc. (AMC)
The asking price equates to a 12% capitalization rate on current rent, says Ken Szady, a Cushman executive director who is handling the marketing the property along with colleague Jim Carpenter.
The biggest question mark for investors will be what happens in five years when AMC’s lease is scheduled to expire.
There are additional details in Chicago Business.
Comments (3)
I think Entertainment Properties Trust was spun off from AMC Theatres and provides purchase/lease back options for theaters owning the land they sit on. They did this for Rave when they purchased National.
I’m guessing the highest grossing in that region is the River East 21…. Another AMC product.
Do you have any concession stands/candy cases for sale in your storage room?