Regal Cinemas Closure: What it Means for Real Estate Investors

The coronavirus pandemic has impacted businesses across a wide range of industries, and movie theaters are no exception. And on October 5, Cineworld Group (LSE:CINE), the parent company of Regal Cinemas, announced plans to shut down all of its U.S. and U.K. movie theaters less than two months after those establishments were able to reopen.

The reason? It’s not a lack of consumer demand, but rather, a lack of movies to screen. With so many film releases being postponed due to the pandemic, movie theaters are now in a position where they want to welcome guests but don’t have content to entice them. Cineworld CEO Mooky Greidinger likened the situation to that of a grocery store with no food to sell — there’s little point in opening the doors.

Cineworld’s announcement comes on the heels of the newest James Bond movie being postponed yet again to April of 2021. The

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Bow Tie Cinemas has put its Movieland at Boulevard Square property up for sale; owner plans to continue to run theater complex | Business News

The Movieland complex reopened on July 1. Attendance has been growing since, Masher said.

The family-owned Bow Tie has retained commercial real estate brokerage CBRE as an adviser in the sale or redevelopment of the property. Andrew Ferguson and Eric Williford are listed as the brokers.

“The property and neighborhood are benefited by the central location fronting Arthur Ashe Boulevard and encompassing Bow Tie Cinemas’ Movieland, with immediate access to major interstates, apartments, breweries, restaurants, entertainment venues, grocery stores and high-profile corporate office users,” according to CBRE’s promotional flyer on the property.

The flyer promoting the sale of the property does not list an asking price.

The 16.93-acre property is divided into two parcels.

The 11.05 acres is used for the Movieland and Criterion Cinemas buildings and the parking lots. That parcel is assessed at $18.098 million, according to the city’s online real estate data.

It is owned by BTP

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