Vacant cinema and brewhouse in Downtown Chandler will soon reopen as a LOOK Dine-In Cinema
Cushman & Wakefield announced today the firm has brokered the simultaneous sale and lease of a recently constructed, cutting-edge theater and brewhouse property situated within the new Overstreet mixed-used development in the heat of Downtown Chandler (Phoenix), Arizona. Built in 2018, the vacant 35,143-square-foot property located 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 $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’s Eric Wichterman, Brent Mallonee, Mike Coover and Chris Hollenbeck represented the seller in the transaction. Mallonee also procured the new cinema tenant for the buyer.
Eric Wichterman, Executive Managing Director, stated, “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, Downtown Chandler is also known for some of its historical buildings and charm.