BLOOMINGDALE, IL-Century Theatres Inc. has signed a lease with Feldman Mall Properties Inc. for a 16-screen theater at Stratford Square Mall, seen as the lynchpin in the REIT's repositioning of the center at Army Trail Road and Gary Avenue. "When we announced the acquisition of Stratford Square Mall in January of this year, we made it very clear that in order to elevate the mall to class A status, we would need to add various elements of excitement," says chairman and chief executive officer Larry Feldman.
The Great Neck, NY-based mall REIT paid $93.1 million for the 500,000 sf of non-anchor retail space, and embarked on a $20-million renovation program. Most recently, occupancy in Feldman Mall Properties' owned space stands at about 68.7% with sales of $271 per sf.
"Century Theatres is guaranteed to add more than just excitement, it will bring a level of luxury that Stratford Square Mall goers have been craving," adds Feldman, whose company lands a replacement for an existing four-screen theater. "The theater will also have a prominent storefront featuring the Century Theatres marquee visible from all levels within the mall."
Also in the renovation plans is adding sit-down restaurants. Smaller anchor tenants also are being sought to augment Kohl's, Sears, Carson Pirie Scott, Marshall Fields, J.C. Penney and Burlington Coat Factory.
Edgar Levin and Barry Schain of Next Realty LLC represented Century Theaters.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
