Leasing agents and landlords alike frequently lust over the idea of having a cinema as a high-presence tenant in their center. After all, cinemas bring lots of people, and its therefore reasoned that those people will shop the stores before and after the movie.
But what is frequently not addressed by the leasing company and landlord is making certain that the cinema's lease terms and conditions give the landlord some authority on what films are shown and what hours they are shown.
Consequently, oft times those coming to partronize the theaters are not the traffic that is congruent with the type of clientele that the center's retail shops need to attract.
And on top of that, what movies are showing and when have a direct and tremendous influence on the center's security.
Dallas' premire center, NorthPark, added back a multi-screen cinema when it doubled the center's size about three years ago. On top of that, the landlord selected a plan that allowed entrance to the theaters only from inside the mall, and further, made containment of the movie patrons after the mall stores closed next to impossible.
Security infractions have increase by about three-fold, according to an article in the current issue of D Magazine. Recently, a mom was shot in the face by a random gunman while she was sitting in her truck waiting to pick up her child, who was there to see a movie.
So if a center must have a cinema to do well, the landlord must be able to have reasonable control over what movies are shown, the size of the theater where each feature will be shown, and all other demographic components necessary for safe and profitable crowd control.
*The spell check feature of AR has been inoperable off and on for many days. It is off today, so please forgive any errors.
BILL CHERRY, REALTORS
DALLAS
OUR 43RD YEAR SELLING TEXAS
214 503-8563
Copyright 2008 William S. Cherry
Hi Bill. Just getting into commercial real estate. Have been primarily doing residential. where does one look for the listings for shopping centers? MLS, Loopnet, ??? What do you recommend? I have a client who is inquiring into that area, as well as industrial warehouses. Thanks in advance for any help or suggestions you can offer.