NEW YORK & LEAWOOD, Kan.--(BUSINESS WIRE)--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.
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 McCarty, 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