An AMC movie theater totaling 110,000 square feet has recently been placed up for sale in Thousand Oaks. According to the listing from CBRE, the property, which is part of a larger shopping center, is being offered at $24.62 million, or about $224 per square foot.
The movie theater is located at 166 W. Hillcrest Drive. Built in 2009 – and recently renovated in 2020 to include food and beverage services – the entertainment complex features 14 screens. In total, the theater underwent $6.7 million worth of renovations.
AMC is leasing the property with a remaining lease term of 12.5 years. The property currently offers a $2.4 million net operating income and the lease options include three five-year renewal options.
Headquartered in Leawood, Kansas, AMC Entertainment Holdings Inc., the company is one of the world’s largest entertainment companies with more than 10,500 screens in 946 locations. According to CBRE, the Thousand Oaks location ranks in the top 30 percent for revenue among theaters in Southern California.
The AMC Theater also serves as the anchor tenant for The Oaks Shopping Center, a 1.3 million square foot mall that has been owned by Macerich since 2018, according to public records. The mall serves a variety of nationwide tenants, including Dick’s Sporting Goods, Macy’s, H&M, Express and many others.
The property serves approximately 400,000 residents in Thousand Oaks and is also within close proximity to Interstate 101, providing quick access to the rest of the Greater Los Angeles area.
