Atlanta-based Wells REIT bought the theater chain's build-to-suit HQ at 3900 Dallas Parkway in 1999. Cinemark shared the building with Coca-Cola Corp. until last November. The reworked deal rolls part of Coca-Cola's space to the theater chain, now occupying the top three floors in the five-story, 118,108-sf building. The balance of the empty space is being marketed at $23 per sf plus electric by Dallas-based Stream Realty Partners LP.
"It was just a natural fit. They needed some growth and needed to expand," Jerry Banks, the REIT's vice president of asset management, tells GlobeSt.com. "And, it's their building." The upshot of the deal is owner and tenant "wanted to make sure we're committed to the long term," he adds.
Banks says Cinemark's acquisition of San Rafael, CA-based Century Theatres drove the need to expand. Jeff Ellerman with Dallas-based Staubach Co. represented Cinemark.
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