AMC Theatres Palm Promenade in San Diego has traded hands for $32.3-million. The buyer was an unnamed REIT specializing in single-tenant, net-leased assets. The seller was Citivest Commercial Investments, in partnership with Hutensky Capital Partners.
The 14-screen theater at 770 Dennery Rd. is within one of the largest regional retail centers in south San Diego County. Located near the Mexican border, it also attracts patrons from both sides of the border who are drawn by its IMAX and RealD 3D screens. AMC Theatres recently re-negotiated a long-term lease extension.
A Colliers International team, led by El Warner, with support from Matthews Retail Group, arranged the deal. Warner says, “This has become one of the most contemporary entertainment centers in San Diego. In addition to being within a 550,000-square-foot-plus center, two main factors appealing to the buyer were the opportunity to have a fairly e-commerce immune asset in its portfolio, and the reliable long-term income stream provided by a net-leased asset like this one.”