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HomeBase Redevelopment Ready to Roll

LACY, WA-Vintage Capital Group LLC, a Los Angeles-based real estate investor this month expects to begin renovating the 120,000-sf former HomeBase retail warehouse in the Martin Village Shopping Center. The building will be anchored by a 16-screen Regal Cinema.

By Brian K. Miller | Updated on September 13, 2004

LACY, WA-Renovation and expansion of the 103,000-sf former HomeBase retail warehouse at the Martin Village Shopping Center here is expected to begin this month. Upon completion next spring, the structure will be home to a 75,000-sf Regal Cinema and 45,000 sf of additional retail space.The property is part of the Martin Village Shopping Center, which sits next to Interstate 5 and is anchored by ShopKo, Top Foods Market and U.S. Bank. The HomeBase building redeveloper is Vintage Capital Group LLC, which acquired the structure last year out of bankruptcy for $3.9 million, according to public records. The company began negotiating with Regal in January and has since negotiated a long-term lease agreement. Building plans have been completed, permits are ready to be issued, and construction will begin sometime this month, Vintage Capital SVP Greg Peterson tells GlobeSt.com. While not willing to discuss the cost of the redevelopment, Peterson says the entire roof will be torn off and 17,000 sf will be added where the outdoor garden center used to be located. The process of selecting a lender and a contractor are underway, he adds.Regal Entertainment Group operates the largest chain of movie theaters in the US, operating 6,061 screens in 555 locations in 39 states. Regal operates 17% of all screens in the United States. Aside from the theater, Vintage Capital says it is negotiating with several national and regional restaurants and retailers to fill the adjacent retail space.

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