WASHINGTON, DC-The leasehold interests secured by two movie theater complexes in the Washington area have been placed on the market as a portfolio with an asking price of $25 million. The theaters are  located in the Potomac Yard Shopping Center in Alexandria, VA, and the Hunt Valley Towne Center in Hunt Valley, MD. 

It is rare to see movie theaters become available, says Colliers International broker James Murphy, who is handling the sale along with colleagues Margaret O’Keeffe and Roger Carlson. "Usually they trade as part of a shopping center or retail complex," he tells GlobeSt.com. These are coming to market because the owner--a Connecticut-based institutional investor --decided the time was right to sell after holding them for 12 years, Murphy says.

Regal Cinemas holds long-term leases on both properties. The lease on the 16-screen, 75,000-square-foot Potomac Yard cinema will expire in 2028. The 12-screen, 52,000–square-foot Hunt Valley cinema lease will expire in 2038. 

The asking price is based on cash flow, the long-term leases and the fact that the investments are low risk, Murphy says. "These properties are subject to bondable leases - they are passive investments that are very secure for investors." Potential buyers range from institutional firms to high-net worth individuals. Murphy says he hopes to have the deal wrapped up by Labor Day. "We are already getting some good traction."