KC-Based Owner of "Historic" Grand 24 Says It's Already Found Tenant to Take the Space
Three weeks ago, AMC Entertainment Inc. sent word that 15 years after it revolutionized the big-screen business with the 4,960-seat Grand 24 off Stemmons Freeway and W. Northwest Highway, it was leaving the building. Reason: rent dispute with its Kansas City-based landlord Entertainment Properties Trust. One week after that, EPT's head of investor relations told Unfair Park that the Grand remains a viable location and that the company has every intention of finding a new theater operator. Said John Weis, hey, no biggie: "Tenants come and go."
Now, EPT is insisting it has, in fact, found a new tenant. It doesn't name names. It doesn't offer specifics. It doesn't say much, actually -- this new development was, in fact, buried within a news release late yesterday concerning EPT's acquisition of 12 theaters in Colorado, California, Indiana and Texas currently occupied by Plano-based Cinemark. But, at the end of the third paragraph, we find this breaking news:
The Company has entered into a letter of intent with another operator for the renovation and re-lease of the Grand 24 in Dallas, Texas, which AMC elected not to renew.
To which David Brain, EPT's CEO, adds: "We are looking forward to rejuvenating the historic Grand 24 property with a new tenant." I've left a message for Weis to see if he can offer more specifics.
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