Seritage Growth Properties Announces Cinemark Theatres to Join Redevelopment of Its Property at the Mall at Rockingham Park in New Hampshire
Cinemark’s NextGen theatre will feature Luxury Lounger recliner chairs and an XD auditorium
Joins Dick’s Sporting Goods, which opened its 80,000 square foot flagship in November 2015, at the parcel owned by Seritage Growth Properties
NEW YORK--(BUSINESS WIRE)-- Seritage Growth Properties (NYSE:SRG) (“Seritage”), a leading owner of 42 million square feet of retail properties, today announced it has entered into a lease with Cinemark Holdings (NYSE:CNK) (“Cinemark”), one of the world’s largest motion picture exhibitors, to open a 12 screen, recliner theatre at Seritage’s property at The Mall at Rockingham Park, in Salem, New Hampshire. Cinemark’s theatre will be joined by leading restaurants in addition to Sears, which will continue to occupy the lower level of the main building, and Dick’s Sporting Goods, which opened last year.
“Adding a state-of-the-art Cinemark theatre and leading restaurants to our property at The Mall at Rockingham Park further strengthens this dominant retail hub and advances our value creation strategy for this asset,” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “We are confident our efforts to transform this prime parcel of land into a first class, multi-tenant retail and entertainment destination will enhance the offering for the local community and create long-term value for our shareholders.”
“Cinemark is excited to open our first theatre in the state of New Hampshire at the Mall at Rockingham Park,” stated Mark Zoradi, Cinemark’s Chief Executive Officer. “The new theatre will offer guests comfortable seating in our Luxury Lounger electric recliners and a top of the line presentation experience through our extremely popular premium large format XD auditorium.”
The Mall at Rockingham Park, which serves the Greater Boston and Northern New England trade area, is owned by Simon Property Group, and is located just off the heavily-traveled I-93, two miles north of the Massachusetts border. The approximately one million square-foot Class A mall features an array of more than 150 premier and specialty retailers with an extensive collection of fashion options. The mall is anchored by Lord & Taylor, Macy’s, JCPenney, Sears and Dick’s Sporting Goods.
About Seritage Growth Properties
Seritage Growth Properties is a publicly-traded, self-administered and self-managed retail REIT with 235 wholly-owned properties and 31 JV properties totaling over 42 million square feet of space across 49 states and Puerto Rico. Pursuant to a master lease, 221 of the Company’s wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or Kmart brand. The master lease provides the Company with the right to recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes. At several properties, third-party tenants under direct leases occupy a portion of leasable space alongside Sears and Kmart, and 14 properties are leased entirely to third parties. The Company also owns 50% interests in 31 properties through JV investments with General Growth Properties, Inc., Simon Property Group, Inc., and The Macerich Company. A substantial majority of the space at the Company’s JV properties is also leased to Sears Holdings under master lease agreements that provide for similar recapture rights as the master lease governing the Company’s wholly-owned properties.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 522 theatres with 5,888 screens in 41 U.S. states, Brazil, Argentina, and 13 other Latin American countries as of June 30, 2016. For more information, go to investors.cinemark.com.
Source: Seritage Growth Properties