Century Preparing for Second Oregon Theater

BEAVERTON, OR-Construction permits are expected in the next few weeks for development of Century Theaters’ second movie house in Oregon. The 16-screen theater will rise at the former Beaverton Mall, now known as Cedar Hills Crossing. The property owner, Vancouver, WA-based CE John Co., is in the midst of a $35-million renovation and expansion of the 775,000-sf mall.

Represented statewide by Ron Dowhanuik of Staubach Retail Services’ Portland office, Century signed a long-term ground lease with CE John Co. for seven of 16 acres adjacent the mall that CE John acquired from Tektronix about three years ago. Dowhanuik declined to discuss the specifics of the lease, but other local retail brokers familiar with the transaction tell GlobeSt.com that the lease term is upward of 20 years and the lease rate is in the vicinity of $500,000 per year.