Sale and Lease of Vacant Entertainment Asset in Chandler
Cushman & Wakefield has brokered the sale and lease of an innovative movie theater and brewhouse within the Overstreet mixed-used development in Downtown Chandler, Phoenix, Arizona.
Built in 2018, the vacant 35,143 SF property at 1 Chandler Blvd contains a 9-screen movie theater with over 1,000 seats and an on-site brewery and restaurant/bar facility.
AZ Management & Investments, LLC acquired the property for approximately US $7.1 million. The seller was DT Chandler, LLC. Days before the closing, the Buyer executed a lease with LOOK Dine-In Cinemas Monrovia for the entire property.
Cushman & Wakefield Executive Managing Director, Eric Wichterman, and colleagues, Brent Mallonee, Mike Coover and Chris Hollenbeck represented the seller in the transaction, with Mallonee additionally securing the new cinema tenant for the buyer.
Eric Wichterman, Executive Managing Director, says: “Our mission was to pair this state-of-the-art, special-use theater and brewery building with a qualified new ownership that would either occupy the facility or an investor that believes in the future of the cinema industry.”
Downtown Chandler is home to vibrant bars, dining and shopping establishments. While it is becoming trendier and more modern, The area is also known for its historical buildings and charm.