HOUSTON – The ownership of the West Oaks Mall, a joint venture between Square Mile Capital Management and Pacific Retail Capital Partners, announced today that it has reached agreement with Regal Entertainment Group (NYSE – RGC) to bring its premier Edwards Theatres to the West Oaks Mall with a 14-screen multiplex.
The Edwards Theatre will be the entertainment anchor for the redevelopment of the mall.
“Bringing a premier Edwards Theatre to West Oaks Mall is a key component in our program to enhance the center by providing entertainment and dining options for the mall,” noted Steve Plenge, managing principal of Pacific Retail Capital Partners, the ownership’s operating partner. “Regal Entertainment Group is a great theatre operator. They are known for their customer service as well as its state-of-the-art theatres that offer a top quality movie experience.”
Regal Entertainment Group is the leading motion picture exhibitor in the U.S. and currently operates two of Houston’s most popular and successful movie theatres with the Edwards Greenway Palace and Edwards Marq*E Stadium complexes. Construction of the new Edwards Theatre at West Oaks will begin this spring with a projected opening in fall 2012.
“West Oaks Mall serves a large community whose residents will certainly embrace this new state-of-the-art theatre. Edwards West Oaks Stadium 14 will feature all the latest technology and amenities. Our new theatre will complement the expanded dining options coming to West Oaks Mall,” stated Dick Westerling, Senior Vice President of Marketing and Advertising for Regal Entertainment Group.
West Oaks Mall is located in a mature to growing region of West Houston, minutes from the well-known Cinco Ranch community and the Energy Corridor business district. There are approximately 378,000 people within a five-mile radius with an average household income of $90,000.
Since acquiring the center in December 2009, the mall ownership has introduced a new property management and leasing team to the center, PRCP Management and Collarmele Partners. This team has overseen a program of improvements to the center largely to address deferred maintenance, created a master plan to reposition the center and developed a targeted leasing plan. The management team has worked to engage the local community, offering numerous free special events and programs tailored to children and families. The principals of Pacific Retail Capital Partners are well-acquainted with the center and the market. They previously purchased the mall in 2003 while working for another firm, made substantial renovations and sold it in 2005 for $102 million to Investment Properties of America.
The new Edwards Theatres will reposition the mall’s west wing, creating the setting for a new interactive pedestrian plaza surrounded by three new restaurants with outdoor café seating. Edwards Theatres will be a new icon for West Oaks Mall, clearly visible from both Westheimer Road and Highway 6. Alamo Drafthouse Cinema will continue to operate undisturbed through the construction, offering its unique combination of first-run films, dining, and special events. West Oaks Mall is a one million square foot enclosed regional mall, with three anchors, Dillards, Macys and Sears. Set on nearly 92 acres that includes several perimeter retail and restaurant buildings, it is bounded by Highway 6, Westheimer Road and Richmond Avenue in West Houston. West Oaks Mall has a high level of visibility in the community, easy access and abundant surface parking.
About Square Mile Capital Management
Square Mile is a private investment management firm with a focus on real estate and real estate related opportunities, including both debt and equity investments. Headquartered in New York City, Square Mile manages a series of private equity funds aggregating approximately $1.5 billion in committed capital.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners was formed in January 2008 by principal Steve Plenge to take advantage of opportunities in retail real estate as an owner and manager or as an operating partner. Plenge has 25+ years of experience in retail real estate acquisition and asset repositioning. Pacific Retail Capital Partners is headquartered in Los Angeles. Additional information is available at www.pacificretail.com.
About Collarmele Partners Collarmele Partners
was formed in 2008 by Joseph Tagliola as an owner/operator for the repositioning of regional malls and ground up opportunities. It is a well-renowned retail leasing and development company with expertise in all facets of retail real estate. The vertically integrated platform spans development, leasing, architecture and design, construction, management and operations. The company’s principals bring a combined 75 years of various industry experiences to each investment opportunity. Collarmele Partners is located in Fort Lauderdale FL. Additional information is available at www.collarmelepartners.com
About Regal Entertainment Group
Regal Entertainment Group (NYSE – RGC) is the largest motion picture exhibitor in the world. Regal’s theatre circuit, comprising Regal Cinemas, United Artists Theatre and Edwards Theatres, operates 6,698 screens in 539 theatres in 37 states and the District of Columbia. Regal operates theatres in 43 of the top 50 U.S. designated market areas. We believe that the size, reach and quality of Regal’s theatre circuit not only provide its patrons with a convenient and enjoyable movie-going experience, but it is also an exceptional platform to realize economies of scale in theatre operations. Additional information is available on the company’s web site at www.REGmovies.com.