AMC Theatres® to Join Seritage Growth Properties Redevelopment Property at Orland Square in Orland Park, Illinois
October 24 2017 - 9:16AM
Business Wire
AMC’s state-of-the-art theater will feature 10
screens, more than 1,000 plush, power recliners and the latest in
sight and sound technology
Seritage’s redevelopment project scheduled to
commence in 2018
Seritage Growth Properties (NYSE: SRG) is pleased to announce
that it has entered into a lease with AMC Theatres® (NYSE:AMC) to
open AMC Orland Square 10, a new-to-market, state-of-the-art 10
screen theatre, at Seritage’s property at Orland Square in Orland
Park, Illinois.
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Seritage owns the Sears store that is attached to Orland Square
Mall owned and operated by Simon Property Group (NYSE: SPG).
Seritage intends to repurpose this prime parcel into a multi-tenant
retail and entertainment destination. The redevelopment involves a
full renovation of the property’s upper level to accommodate the
new AMC Theatre and outwardly facing retailers and restaurant
tenants. The lower level will feature a consolidated and renovated
Sears store. Construction is scheduled to commence next year.
The 45,000-square-foot AMC theatre is expected to feature more
than 1,000 plush, power recliners, AMC’s expanded food and beverage
offerings, and the latest in sight and sound technology. AMC will
also explore the possibility of a MacGuffins adult beverage
concept.
“We are pleased to further expand our relationship with AMC, and
look forward to bringing a state-of-the-art theatre to our Orland
Square property,” said James Bry Executive Vice President of
Development & Construction at Seritage. “The partnership builds
on our strategy to deliver a multi-tenant retail destination that
provides an elevated shopping and entertainment experience for our
customers and creates ongoing value for our shareholders.”
“AMC is thrilled to deliver its first-class movie-going
experience to the Orland Park community as the entertainment anchor
at Orland Square,” said Mark McDonald, Executive Vice President,
Development, AMC.
“We are very excited about the addition of an AMC Theater as an
anchor of the redevelopment of the Sears store at Orland Square,”
said Michael McCarthy, Executive Vice President of Development
Operation at Simon. “This Sears redevelopment makes Orland Square
that much more attractive to consumers looking for places to shop,
dine and be entertained. We expect this to be the first of several
exciting new initiatives at the center in the coming months.”
“Seritage’s redevelopment project will benefit the community in
a number of ways,” said Keith Pekau, Mayor of Orland Park. “In
addition to attracting more leading brands that resonate with our
residents like AMC, the project will create jobs, generate tax
revenues and fuel economic activity.”
Orland Square Mall is conveniently located in the south
suburbs of Chicago and is an upscale shopping destination
serving the affluent communities of Orland Park, Tinley Park, Homer
Glen, and Frankfort.
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed REIT with 230 wholly-owned
properties and 28 joint venture properties totaling over 40 million
square feet of space across 49 states and Puerto Rico. The Company
was formed and listed on the New York Stock Exchange (NYSE: SRG) in
July 2015 in conjunction with the acquisition of a portfolio of
real estate from Sears Holdings. Our mission is to create and own
revitalized shopping, dining, entertainment and mixed-use
destinations that provide enriched experiences for consumers and
local communities, and that generate long-term value for our
shareholders. The Company is headquartered in New York, NY.
About AMC Entertainment,
Inc.
AMC is the largest movie exhibition company in the U.S., in
Europe and throughout the world with approximately 1,000 theatres
and 11,000 screens across the globe. AMC has propelled innovation
in the exhibition industry by: deploying more plush power-recliner
seats; delivering enhanced food and beverage choices; generating
greater guest engagement through its loyalty program, web site and
smart phone apps; offering premium large format experiences and
playing a wide variety of content including the latest Hollywood
releases and independent programming. AMC operates among the most
productive theatres in the United States’ top markets, having the
#1 or #2 market share positions in 22 of the 25 largest
metropolitan areas of the United States, including the top three
markets (NY, LA, Chicago). Through its Odeon subsidiary AMC
operates in 14 European countries and is the # 1 theatre chain in
Estonia, Finland, Italy, Latvia, Lithuania, Spain, Sweden and UK
& Ireland. amctheatres.com
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AMC MEDIARyan Noonan,
913-213-2183rnoonan@amctheatres.comorSERITAGE MEDIAAngela
Bonnici, 646-277-1276Angela.bonnici@icrinc.comorSIMON
MEDIAMaria Y. Weber, 317-263-7191Maria.weber@simon.com
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