KANSAS CITY, MO—Entertainment real estate is making a comeback in the Midwest, as plans move forward in Ohio for more casinos and racetracks and a redevelopment plan for Navy Pier gains traction in Chicago. Meanwhile, locally based REIT Entertainment Properties Trust has signed about $150 million in build-to-suit deals and property acquisitions throughout the country as part of a portfolio expansion plan. Most of the properties are new movie theaters, and the deals are part of planned 2012 spending of up to $300 million.

Greg Silvers, vice president and COO with the trust, says the enhanced locations follow the newest trend in movie-watching. "The expanded menu, luxury seating and alcohol offerings attract the hard-to-get 35-and-older group," he says. "Theaters as a whole are still a dominant sector. Our properties were up 22% last year in boxoffice revenues. People want to find ways to get out of the house and movies remain the cheapest option for entertainment."

The trust is also partnering with two companies, Jacksonville, FL-based Latitudes and Oakbrook, IL-based Pinstripes, with about $35 million earmarked for venues. This includes purchasing the existing main Latitude 30 location in Jacksonville, as well as a buildto-suit in Indianapolis and a renovation in Warrenville, IL. Latitude properties typically range from 40,000 to 100,000 square feet and include video games, luxury bowling, movie screening rooms with food service, a high-tech sports bar and other restaurants.