KANSAS CITY, MO. — Kansas City, Mo.-based Entertainment Properties Trust (NYSE: EPR) has acquired a 12-property movie theater portfolio for approximately $124 million. The portfolio contains 192 screens in Colorado, California, Indiana and Texas. All of the theaters are occupied by Cinemark U.S.A. under triple-net leases.
In addition, AMC Entertainment plans to renew three of the four leases it has coming due for EPR-owned theaters. The three theaters, all located in Southern California, include Mission Valley 20 in Orange County, Promenade 16 in Woodland Hills and Ontario Mills 30 in Ontario. EPR has already received a signed letter of intent from another operator for the property AMC will be vacating, the Grand 24 in Dallas.
Finally, EPR has entered into a contract for the disposition of the former Havens Winery in Napa, Calif. The winery will be sold for $6.5 million in a deal that is expected to close by the end of the second quarter.
“We are excited about expanding our existing relationship with Cinemark, and we look forward to growing the relationship in the future,” said David Brain, CEO of EPR, in a statement. “At the same time, we are pleased to receive the expected extensions on three of the four maturing AMC leases, and we are looking forward to rejuvenating the historic Grand 24 property with a new tenant.”
— Coleman Wood