Megaplex Theater Nets $22M

ALEXANDRIA, VA-In a $1 million-per-movie-screen deal, the year-old AMC Hoffman 22 megaplex theatre has become the property of Kansas City, MO’s Entertainment Properties Trust for $22 million. The property is a 97,000-sf facility with more than 4,000 seats. Located at 2500 Eisenhower Avenue, the building itself has not yet been assessed by the county put the 2-acre property has a 2002 assessed value of $3.345 million.

“With the addition of the AMC Hoffman 22 theatre, our real estate portfolio of 37 megaplex theatres and related entertainment and leisure properties now includes over 20% of the top 100 best-performing theatres in the United States,” boasts Entertainment Properties CFO Frend Kennon. “The Hoffman purchase raises our year-to-date acquisition volume to $168 million in 11 megaplex theatre properties.”