Vintage Real Estate Signs Cinemark for All-Digital Movie Theatre at SouthBay Pavilion.
May 16, 2013 — Fred Sands, chairman of Vintage Real Estate, today announced the company has signed a lease with Cinemark Holdings, Inc. (NYSE:CNK) to bring a 14-screen, all-digital Cinemark Theatre to SouthBay Pavilion. As the entertainment anchor for the enclosed mall, the multiplex will be constructed in the center of the space, allowing for guests to use the ample parking available around the mall's four entrances and have easy access to the theatre. Construction of the approximately 57,000-square-foot multiplex will begin this summer with the opening anticipated for December 2014.
“Cinemark is a premier operator, and its theatre at SouthBay Pavilion will be a tremendous addition to this underserved market. Currently the closest theatres for people in this area are miles away in the cities of Torrance and Redondo Beach,” noted Sands. “Bringing the multiplex to the mall is a major milestone in our ongoing renovation and repositioning program. Featuring it as the centerpiece of the mall makes it easier for our guests to locate convenient parking and to access the theatre, and it enhances pedestrian flow.”
The theatre will feature Cinemark’s new Cinemark NextGen design concept, which offers the latest technology, cutting edge amenities and customer-preferred options including:
“We are pleased to open a new Cinemark NextGen movie theatre featuring Cinemark XD for our guests in the Los Angeles area to enjoy,” states Tim Warner, Cinemark’s Chief Executive Officer. “With 12 Cinemark and Century branded theatres in and around the area, Cinemark has called Southern California home for many years. Our new high-tech theatre will be the perfect entertainment environment for enjoying the best that Hollywood has to offer.”
The 1.1-million-square-foot SouthBay Pavilion is set on 73 acres located off the 405 Freeway at the Avalon Boulevard exit, just south of the South Bay beach cities, a high-visibility location where more than 300,000 cars pass by daily. It is anchored by Ikea, Target, Sears, JC Penney, Old Navy and now Cinemark. SouthBay Pavilion draws from a population of 580,000 within a five-mile radius and 2.5 million within a 10-mile radius.
According to Roger Burghdorf, Executive Vice President of Leasing for Vintage Real Estate, since the company acquired SouthBay Pavilion in 2009, it has increased sales by 18 percent and the center's occupancy by 22 percent. Further, according to national studies by the International Council of Shopping Centers, the addition of a theatre should increase sales from 17–22 percent.
“Our management and leasing teams have worked diligently to upgrade the center by bringing highly-desirable new fashion retailers and restaurants to the property, and by supporting the growth of the many great businesses already operating within the mall,” commented Burghdorf, adding that through the reconfiguration of the center and re-tenanting, he is on track to bring more than 20 new shops and restaurants to the center by year-end 2014.
Recent additions to mall include the Olive Garden restaurant, which has quickly become a top performer in the chain and a favorite for locals and workers at the many nearby business centers. The new Beauty Lounge & Spa offers full-service spa and salon services in a modern and luxurious setting, on a par with spas found in premier luxury hotels. Buffalo Wild Wings, Shiekh Shoes, Metro Fusion, Fanzz and Old Navy have all opened new stores at SouthBay Pavilion in the last year. New fashion retailers are slated to open soon, along with several new restaurants and fast casual dining.
“We are in the process of finalizing some additional renovations to the mall that will bring more retailers and restaurants to this exceptional location. With the addition of Cinemark Theatres and the already double-digit sales growth that we have achieved, SouthBay Pavilion is even more appealing to national and local retailers and restaurants,” observed Ken Hocker, Executive Vice President, Development, for Vintage Real Estate.