Newsletters

Muvico Sells Three South Florida Theaters

FORT LAUDERDALE, FL-The locations total 296,000 square feet in Boca Raton, Boynton Beach and Davie.

By Crystal Proenza | Updated on March 20, 2009

(Crystal Proenza is associate editor of Real Estate Florida.)

FORT LAUDERDALE, FL-Locally based Muvico Theaters has sold three of its South Florida locations as part of the company’s financial restructuring. The theaters, which total 296,000 square feet, include the Muvico Palace 20 in Boca Raton, Muvico Boynton 14 in Boynton Beach and Muvico Paradise 24 in Davie. The theaters, along with one location in Hannover, MD, have been sold to Plano, TX_based Cinemark USA Inc., which will rebrand them over the next few months. The value of the transaction was not disclosed.

Funds from the deal are to be used to retire $55 million in debt owed to iStar Financial, for which Muvico had not made payments since October 2008, according to the Miami Herald. A release by Muvico stated that the company has now “retired all of its senior debt obligations.” A spokesperson tells GlobeSt.com that Muvico does not plan to sell any other locations in the region.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

Unlimited access to GlobeSt and other free ALM publications
Access to 15 years of GlobeSt archives
Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
1 free article* every 30 days across the ALM subscription network
Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Resource Center

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

Sponsored by Cherre

Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges

CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Browse More Resources ›

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Assessment

Sponsored by Cherre

Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations

Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.

Browse More Resources ›

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
Exclusive discounts on ALM and GlobeSt events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.