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Sunrise Cinema for sale
posted by
Michael Zoldessy
on
June 29, 2012 at 10:51 am
ZANESVILLE, OH — My partners and I are very interested in increasing traffic into our newly purchased shopping center in Zanesville OH. My partnership is willing to lease the Sunrise Cinema 5 as follows:
Year 1-2: $10/month ($10 each screen not per square foot)+Common Area Maintenance and utilities Year 3: $1/sq ft+Common Area Maintenance and utilities (with inflation adjuster based on CPI)
Information on the Sunrise Cinema 5 is as follows:
Address- 195 Sunrise Center Drive, Zanesville, OH 43701 Screens-5 (According to Cinema Treasures (verified by me) Seating- 1195 (According to Cinema Treasures)
Nearest competitor: Cinemark Colony Square 10- 5.1 miles across the Muskingum River
Sunrise Cinema 5 is visible from Interstate 70 and the Sunrise Center is between two exits.
Local economic news: Zanesville, OH is the epicenter of the Marcellus and Utica Shale oil and gas discoveries. The economy in the city is just starting to turn in response. Halliburton and other oil and gas companies have made major investments over the last several months, leasing/buying offices and apartments/hotels.
The Sunrise Center is perfectly positioned to benefit from this, as the oil and gas discoveries are to the east of the Zanesville. I anticipate a demographic shift to the east over the next several years. Just adjacent to our property using our access is a gym with 4000 members. On our property is a Senior Activity Center with daily foot traffic of approximately 150 people.
That is the good news. The bad news is the Sunrise Cinema will need some investment to become viable. All of the seating is in place and intact, but will need to be cleaned due to the theater being closed for some time. The projector equipment, concession, and theater management equipment will have to be replaced. Still, even with the investment, I believe the placement of the Sunrise Cinema in relationship with the anticipated shift in demographics will make this a very rewarding venture.
Again, our interest is to increase traffic in the center and we feel a viable theater operation is a key component. If you have interest in viewing the property, please let me know.
Comments (2)
I like the idea of the rent incentives and aggressiveness of your leasing offers, but realistically in today’s market, I honestly don’t see how you could re-open against a practically new Stadium, Digital Cinemark that positioned themselves to run out the competition.
In the eminent Loom of Digital OR DIE it doesn’t make business since if there is a booking zone restriction in place because Cinemark will continue to out book the films for the blockbusters at this location, now if it was Carmike as your competition, and you had a few Million to drop on the 5 screen you could make it a destination location with food and beverage if a liquor license was available. You may have a chance.
Good Luck
Chuck
Did you have any luck renting out the cinema??