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Movie Theaters.

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Leo Chiger

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Dec 22, 2004
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New York
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

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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

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Dec 22, 2004
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State
New York
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

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Jul 19, 2004
Professional Status
Certified General Appraiser
State
Illinois
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

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