Jessica Perry//September 8, 2023//
6-Acre Cinemark Cinema Site ‘Attracts Investor Interest’
Jessica Perry//September 8, 2023//
Treeco acquired a “dream” asset in Somerset County: a newly built Cinemark movie theater along Route 22.
JLL Capital Markets represented the anonymous trader of the 6-acre Watchung site, acquired through a joint venture between Agus Holdings and Treeco. Financial terms were revealed.
The 37,630-square-foot single-tenant building was built in 2019 on the site of a former Sears store. According to Andrew Fish, managing member of Treeco, the site has housed only two occupants since its advance more than 70 years ago.
The 10-screen cinema offers luxurious heated reclining seats and an XD auditorium. In July, Plano, Texas-based Cinemark celebrated the highest national stage in the company’s history. This news follows a sunny second quarter report, in which the company highlighted its position as “the only top U. S. exhibitor. “The U. S. has achieved and maintained a significant increase in market share since reopening [after COVID-related closures], which is still more than one hundred basis points. compared to our pre-pandemic average.
Cinemark’s overall profit for the second quarter increased 26. 6% from the same period last year. The company also announced an increase in revenue from tickets (up more than 25%) and concessions (up 30. 6%), which it said were due to an increase of around 24% in attendance, or 64. 4 million viewers.
JLL Cinemark had a remaining lease term of more than 10 years.
The retail capital markets team representing the distributor was led by Director J. B. Bruno, Senior General Manager Kevin O’Hearn, Director Ryan Robertson and New Jersey Office Senior General Manager and Co-Head Jose Cruz.
According to Bruno, “the new age of the property, its location on a busy stretch of Highway 22 and the complementary adjacent uses have motivated investors to this transaction. “
The average annual traffic on the road is 63,000 cars and the average household income source in Watchung is about $240,000, according to JLL.
Headquartered in Englewood, Treeco develops, owns and manages a diverse portfolio of housing in densely populated urban and suburban spaces along the Northeast corridor. Fish said the company is excited to collaborate with Agus on the acquisition of the “exceptional shopping corner. “
“This is the most productive crossroads in the Watchung market, as evidenced by the fact that this location has been permanently occupied by only two separate tenants since its advancement more than 70 years ago,” he continued. “It remains our dream to get these assets as it is adjacent to one of our legacy assets [Watchung Commons]. “
Josh Agus, director of Agus Holdings, also highlighted the property’s prime location. “This corner in an exceptional industrial hall stands out as the most coveted corner in the entire industrial region,” he said. “Our search is committed to finding notable outlets that have an irreplaceable presence in the advertising spaces of New York and New Jersey, and this location embodies all the essentials we are here for. “
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