Owner puts AMC Cantera 30 up for sale
WARRENVILLE, IL — The Cantera 30’s owner is putting the theater, built in 1998, on the market, asking $37 million. AMC’s current lease does not expire until 2015 and the chain holds renewal options.
AMC Cantera 30, one of the region’s largest and top-grossing movie theaters, opened in 1998. The theater, at 28250 Diehl Road just off Interstate 88, is owned by Kansas City, Mo.-based Entertainment Properties Trust and an offshore investor and is leased to the operator, American Multi-Cinema Inc. (AMC)
The asking price equates to a 12% capitalization rate on current rent, says Ken Szady, a Cushman executive director who is handling the marketing the property along with colleague Jim Carpenter.
The biggest question mark for investors will be what happens in five years when AMC’s lease is scheduled to expire.
There are additional details in Chicago Business.