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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161110006476/en/
Seritage Growth Properties
646-277-1268
SeritagePR@icrinc.com
IR@Seritage.com
Source: Seritage Growth Properties