Alamo Drafthouse Cinema to open first Manhattan location
New York City — Charter Realty & Development announced it has leased 15,000 sq. ft. for a five-screen Alamo Drafthouse Cinema in Manhattan.
The location, 2626 Broadway, is in the upper west side and is owned by Bialek and Associates of Manhattan. Alamo will be occupying the former Metro Theater and intends on renovating it back to its former glory. The deal represents Alamo Drafthouse Cinema’s first entry into New York City and the company is looking for further growth opportunities in the market.
“My often-stated top priority for the Alamo Drafthouse has been to open a venue in New York,” said Alamo founder and CEO Tim League. “When we discovered the availability of the historic Metro Theater, we immediately knew we had found the perfect location for our new Manhattan home.”
The venue will feature five screens of new releases, repertory programming and the Alamo’s unique signature programming, as well as its typical seat-side food and drink service.
The new theater is currently scheduled to open in 2013.
In related news, Charter Realty also announced that, in tandem with Paraclete Realty, it has leased 34,000 sq. ft. to Alamo for a new 8-screen theater in Loudoun County, Va.
Alamo Drafthouse and its new franchise partner, Cojeaux Cinemas, will be occupying space in the 700,000-sq.-ft. One Loudoun Center located in the city of Ashburn and is slated to open in spring 2013.
Divaris completes leases for over 80,000 sq. ft.
Virginia Beach, Va. — Divaris Real Estate Inc. announced the following lease transactions were completed for several retail tenants:
A lease extension was signed with Tidewater Finance Co. for 25,516 sq. ft. of retail space in the DRE-leased and –managed Tidewater Plaza in Virginia Beach.
Big Lots Stores renewed its lease for 26,537 sq. ft. of retail space in Midlothian Crossing located in Richmond, Va. The shopping center is anchored by Goodwill, Unfinished Furniture, Family Dollar and Stuffy’s. Another lease renewal was signed with Genuine You Salon for 2,400 sq. ft. of retail space.
Oakboro Tractor & Equipment leased 9,090 sq. ft. of retail space in the Divaris-leased and –managed Food Lion Shopping Center located in Concord, N.C.
StellarOne Bank has signed a lease for 5,441 sq. ft. of first-floor retail space in the Six Columbus Center building located in Virginia Beach.
Keagan’s Irish Pub renewed its expanded premises in Town Center of Virginia Beach, and Coffee Etc. also completed a lease, for 1,623 sq. ft., in the 17-city block Town Center, located in Virginia Beach.
TitleMax of Virginia leased 3,924 sq. ft. of retail space in the Divaris-leased Brookhill Azalea Shopping Center in Richmond. The anchor tenants in Brookhill Azalea include Food Lion, Cititrends, Jackson Hewitt and Small Smiles. RadioShack has renewed its lease for 2,461 sq. ft. in the Divaris-leased and – managed Salem Crossing Shopping Center in Virginia Beach.
R and R Home Repair leased 1,945 sq. ft. of retail space in Kemps Corner Shoppes, located in Virginia Beach.
X Team partner arranges purchase of Promenade at Waterside
Oxford, Mich. — X Team, an international alliance of retail real estate advisors, announced that Detroit-based partner Stokas Bieri Real Estate represented Center Management in the purchase of The Promenade at Waterside in Oxford, Mich.
The 67,000-sq.-ft. retail development currently has a 13,000-sq.-ft. specialty strip shopping center with the potential for 57,000 sq. ft. of additional retail space. The center is next to Meijer and includes tenants Tim Horton’s, BoRics and a former Chili’s. Future retail spaces will range from 1,400 sq. ft. to 25,000 sq. ft. build-to-suits. Divisible outlot spaces are currently available up to 4,100 sq. ft.
The seller was Beltway Capital Management; terms of the deal were not disclosed.