Post by news on Nov 20, 2004 20:41:14 GMT -8
Pasadena UA theater shuts down
By Kevin Smith Staff Writer
PASADENA -- The United Artists Pasadena 6 theater screened its last films this week and the Colorado Boulevard venue has closed down as the building's new owner prepares to revamp the site for new tenants.
Knoxville-Tenn.-based Regal Entertainment Group has run the six-screen theater since 1986, but the company opted to discontinue operations there, Regal spokesman Dick Westerling said.
"The new landlord and Regal mutually agreed upon a lease termination,' he said.
The theater was sold over the summer to CIM Group Inc., a Los Angeles real estate investment firm.
CIM officials could not be reached for comment Friday, but Maggie Campbell, president and chief executive officer of the Old Pasadena Management District, said CIM doesn't plan to operate the building as a movie theater.
"There's not going to be any formal announcement about the tenant mix until May, but in the presentation they have given us, they are carving it up into three leasable spaces,' said Campbell, whose organization represents property owners, businesses and residents in Old Pasadena.
"We're sorry to see the movie theater go away on that corner, but we also recognize that the market is changing and that this could be a tremendous opportunity.'
Campbell said her association is looking for other potential locations in Old Pasadena where a new movie theater might be possible.
"Old Pasadena is a proven market,' she said. "The UA theater hasn't been a big draw for a long time, but the base of our draw isn't going anywhere. From what I've heard, we will end up with some top-notch tenants. There are many strong tenants that aren't in our market that are trying to come in.'
Campbell said her organization is always proactive in regards to luring new businesses to the area.
"Old Pasadena has great opportunities but there are also challenges,' she said. "We have to keep reinventing ourselves.'
Regal Entertainment Group is the nation's largest theater chain, with 560 theaters nationwide, including 105 in California. The company averages more than 11 screens per complex, according to Westerling.
-- Kevin Smith can be reached at (626) 962-8811, Ext. 2701, or by e- mail at kevin.smith@sgvn.com .
By Kevin Smith Staff Writer
PASADENA -- The United Artists Pasadena 6 theater screened its last films this week and the Colorado Boulevard venue has closed down as the building's new owner prepares to revamp the site for new tenants.
Knoxville-Tenn.-based Regal Entertainment Group has run the six-screen theater since 1986, but the company opted to discontinue operations there, Regal spokesman Dick Westerling said.
"The new landlord and Regal mutually agreed upon a lease termination,' he said.
The theater was sold over the summer to CIM Group Inc., a Los Angeles real estate investment firm.
CIM officials could not be reached for comment Friday, but Maggie Campbell, president and chief executive officer of the Old Pasadena Management District, said CIM doesn't plan to operate the building as a movie theater.
"There's not going to be any formal announcement about the tenant mix until May, but in the presentation they have given us, they are carving it up into three leasable spaces,' said Campbell, whose organization represents property owners, businesses and residents in Old Pasadena.
"We're sorry to see the movie theater go away on that corner, but we also recognize that the market is changing and that this could be a tremendous opportunity.'
Campbell said her association is looking for other potential locations in Old Pasadena where a new movie theater might be possible.
"Old Pasadena is a proven market,' she said. "The UA theater hasn't been a big draw for a long time, but the base of our draw isn't going anywhere. From what I've heard, we will end up with some top-notch tenants. There are many strong tenants that aren't in our market that are trying to come in.'
Campbell said her organization is always proactive in regards to luring new businesses to the area.
"Old Pasadena has great opportunities but there are also challenges,' she said. "We have to keep reinventing ourselves.'
Regal Entertainment Group is the nation's largest theater chain, with 560 theaters nationwide, including 105 in California. The company averages more than 11 screens per complex, according to Westerling.
-- Kevin Smith can be reached at (626) 962-8811, Ext. 2701, or by e- mail at kevin.smith@sgvn.com .