The Cinemark Tinseltown USA movie multiplex property is on the real estate market for more than $7.64 million.
Christopher Lind, a senior vice president with Phoenix-based Marcus & Millichap, said the prospective sale is a transition known as a real estate investment trust, with the current owner selling to another owner. He did not disclose the name of the current owner.
Cinemark, 7101 70th Court, has been shuttered because of the COVID-19 pandemic. When it reopens, it is expected to continue to operate as in the past with multiple screens.
Cinemark Holdings Inc., a leading motion picture theater company with more than 550 theaters and 6,132 screens in the U.S., will continue to maintain the property.
It will continue to lease the property under a long-term agreement that calls for a 20% rent increase on May 1, 2022.
“Nothing will be changed but ownership,” said Lind.
Marcus & Millichap’s listing describes the Cinemark property as an attractive site in a highly commercial area that is surrounded by major national retailers. It is located near the intersection of 75th Street and Green Bay Road.
The Cinemark theater is adjacent to the Southport Plaza shopping center and near the Menard’s hardware store. The theater complex has 825 parking spaces and 14 screens. The theater complex sits on 11.66 acres.