KANSAS CITY, MO-Entertainment Properties Trust, a locally-based real estate investment trust, has purchased 12 theaters in four states for $124 million. The properties are occupied by Cinemark Theaters, pursuant to triple-net, cross-defaulted leases.
The sites in the portfolio are in Colorado, California, Indiana and Texas, for a total of 192 screens. “We are excited about expanding our existing relationship with Cinemark,” said David Brain, CEO of the trust.
The Entertainment REIT also had other news Monday, announcing that AMC Entertainment Inc. will extend the lease on three theaters in southern California. The properties are the Mission Valley 20 in Orange County, the Promenade 16 in Woodland Hills, CA and Ontario Mills 30 in Ontario, CA. However, AMC did not renew at Grand 24 in Dallas, and EPT said in a statement that it has entered into a letter of intent with another operator for the renovation and reopening of that property.
Also, the company has agreed to sell its shuttered Havens Winery in Napa, CA for $6.5 million. The transaction, reported to be Trinchero Family Estates, is expected to close by July. Neither EPT nor Trinchero could be reached for comment on this story.