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REAL ESTATE

New tech-based entertainment concept targets malls, other locations

BY Marianne Wilson

A concept that combines cutting-edge virtual and augmented reality technologies with the physical world is looking to enter the U.S. market.

Retail leasing specialist R.J. Brunelli & Co. announced that it has been selected by D. Legends Holdings Pte Ltd., the Singapore-based creator of indoor virtual reality theme parks, as exclusive nationwide real estate broker for Legend Heroes Park’s entry into the U.S. market. The concept features a wide range of rides, games, sports, entertainment, and other attractions employing virtual and augmented reality, holograms, motion tracking, projection mapping and 4D+ technologies.

Heroes Park can be adapted to a wide range of building sizes, with the space divided into a series of zones targeting different interests. These range from a junior zone that allows young children to learn and explore through virtual and physical spaces to a sports zone where people of all ages can learn, practice and hone their skills in football, baseball, archery, clay pigeon shooting and other sports. There is also an arcade zone with immersive and interactive arcade games.

For its U.S. entry, the company is seeking big-box locations in major metropolitan markets across the country, including New York, Atlanta, Orlando, Las Vegas, Los Angeles, San Francisco, Dallas/Ft. Worth, Houston, Chicago, Boston, Denver, San Diego, Virginia, Washington, D.C., and Philadelphia. Vacant anchor and sub-anchor spaces at regional malls, as well as freestanding or strip center big-boxes are primary targets.

Building requirements call for 30,000- to 40,000-sq.-ft. spaces with a minimum ceiling height of 16-ft. overall, with 40% of the space at least 32-ft. high for rides, noted Julie T. Fox, manager of new tenant representation, R.J. Brunelli. Preferred locations should have five million people within 30 miles, with a one-hour maximum driving distance.

Regional malls are the preferred venue, where the company can absorb vacant sub-anchors or single floors of subdivided department store buildings. Legends Holdings will also consider vacant big-box retail spaces on the periphery of regional malls or in high-profile power centers, strip centers or freestanding highway locations. Other potential venues include warehouse/flex buildings in close proximity to major malls or entertainment complexes.

“At a time when many mall operators are struggling to fill vacant department store spaces, Legend Heroes Park offers a unique entertainment destination use aimed at people of all ages,” said Fox. “In particular, the flexible concept presents a compelling alternative for properties desiring to present new options that can potentially bring back Millennials who have shied away from malls in recent years.”

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