Theaters have been a cornerstone for shopping complexes and other prime locations
There is a major demand to find a second life for many of the movie theaters once operated by the now-shuttered-for-good ArcLight Cinemas and Pacific Theatres.
This past weekend, Los Angeles real estate titan Rick Caruso said that early plans are already in motion to make sure that the Pacific Theatres multiplexes are quickly reopened in two of his shopping complexes, The Grove on Fairfax and the Americana in Glendale.
“There is no doubt in my mind that the theaters will reopen,” Caruso told reporters. “Whether we, Caruso, gets in the theater business or we re-lease the properties is being studied by our team.”
Meanwhile, TheWrap has learned that there is already significant interest in the ArcLight location operated at the Paseo shopping complex in Pasadena. Terrison Quinn, a managing partner at SRS Real Estate, which handles leases for the Paseo, said the ArcLight Pasadena space has not been put on the market yet because the landlord does not yet have legal possession of it.
But in the days following the announcement of ArcLight’s closure, Quinn said he received “about a dozen” unsolicited calls from theater chains and other groups asking about the space. He said he’s not surprised as ArcLight’s locations in Los Angeles were in prime areas.
“There’s tremendous interest from a variety of theater groups, luxury and otherwise, for doing something there,” Quinn said. “We have not actively marketed it yet because we still need to see what is going to happen and figure out if the landlord will regain possession of the space, but it is likely at this point that ArcLight Pasadena could secure a new tenant relatively fast.”