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Movie Theaters.

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Leo Chiger

Freshman Member
Joined
Dec 22, 2004
Professional Status
Appraiser Trainee
State
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
 
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.
 
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.
 
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.
 
I have some in Iowa, although it will be quite south of South Dakota.
 
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