Movie Theaters.

[Leo Chiger]

I'm working on three movie theater properties in various states (Texas, South Dakota and Colorado). I'm having a difficult time obtaining sales and lease comps for the appraisal. Is there someone that can help out?

Thanks,

- Leo

 

[David Wimpelberg]

Have you tried Loopnet and Costar?

A major issue out here on Long Island with movie theaters is that HBU is often not a movie theater, especially those lots that have free-standing structures and their own parking. Some of the old ones in the center of villages have been converted to Performing Arts Centers.

 

[Leo Chiger]

Movie theaters

Yeah, searched CoStar and Loopnet. Sales are taking place, just not close enough to my properties (200+ miles away). These are typically owner-user assets and the client is requesting lease comps. Actually, obtaining the lease comps is the tough part.

 

[PL1957]

Actually, obtaining the lease comps is the tough part.

You have to be kidding - have you checked some of the larger theater companies? Have you looked at most regional shopping centers? They all have leased theater spaces. If I recall correctly, a couple of the larger theater operators are publicly trader - check their SEC filings. Look at NNN listing for sale - there are theaters in there. Talk to the brokers involved.

When you have a unique property, finding actual leases is easier because your universe is so much smaller.

 

[Michigan CG]

I have some in Iowa, although it will be quite south of South Dakota.

 

[SharperImage]

I have some in Iowa, although it will be quite south of South Dakota.

But North of Texas and East of Colorado..............