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TOPIC: Lease

Lease 14 Aug 2007 21:54 #15752

For those of us who don't have a couple hundred grand laying around, are there any theaters for lease left in the world?
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Re: Lease 14 Aug 2007 22:32 #15753

  • slapintheface
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yes .......a few
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Re: Lease 14 Aug 2007 23:08 #15754

While I'm sure I'm asking way too much out of the world, is there a place to find this info? lol

I'm looking at a three screen in a town of about 15k pop with around 75k in the surrounding areas. It's the only house within about a 35 to 40 mile radius. Former NCI, then Regal, now an indy. Landlord wants them out because they don't take care of the place. Meeting with the property managers tomorrow to discuss rent. I'm on a roll, I figure what the heck, I'll go ahead and look for others while I'm at it! lol
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Re: Lease 15 Aug 2007 12:45 #15755

  • BECKWITH1
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That seems like an odd reason for the landlord to be looking for a new tenant. I would look very closely at the situation before jumping in. Most landlords don't care what the place looks like as long as the rent is paid. Are they paying the rent? Or is there something else going on entirely which involves crime/security problems? Or is it a case of spending money to bring the building up to code (maybe new sprinklers?) and the landlord wants the new tenant to pay for that?
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Re: Lease 15 Aug 2007 17:07 #15756

Oh, no, it's legit, the folks that run the real estate management company are friends of the family. The current tenant has let the place fall to pieces from a business standpoint. The six or seven employees there are all family, it's not unusual to walk in to the lobby and see one of the off duty family members sitting there with shoes off, feet kicked up, talking on the phone. Real classy joint : )
People just don't go to the house at all because of the environment.
Problem is that the owner is absentee and is essentially just pulling money out. No marketing is done, EVER, I mean, not even a posting in the local paper with show times.
Landlord remodeled about a year ago, new seats, etc, and it's already in disrepair.
As for the rent, yes, the tenant pays, however, they are on a month to month lease right now, they won't sign a new one.
I think the bottom line is that the owner of the business has lost money for a couple years now, he's in his late 70's, and he just sees it as a small cashflow.
He has 7 others, and I'm told that they are all in the same shape. He pulls money out, but won't do anything in return.
I was chatting with the manager on duty the other night, and inquired as to their cleaning practices between shows. Get this, the theaters are cleaned twice a week, not daily, not between shows, twice a week. Now, just picture what ANY theater would look like that's cleaned twice a week lol
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Re: Lease 15 Aug 2007 17:22 #15757

I assume all the projectors and sound equipment is staying? watch out - if these guys don't clean more than twice a week i would hate to see how they have maintained the equipment!
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Re: Lease 15 Aug 2007 17:37 #15758

Yeah, that was my concern too. They actually let me take a peep upstairs a few nights ago. I'm a regular at the house, not because I like it, but because I can see a first run for four bucks and get a large popcorn for 3.50! lol
They know me by name, so I do have a foot in the door. Can't wait to fire them all lol
But yes, the equipment is staying put, it actually belongs to the building.
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Re: Lease 15 Aug 2007 20:52 #15759

  • rufusjack
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Landlords do not like month to month. So it would not be out of the ordinary for a property owner to be actively seeking out a replacment tenant.

I got my 3rd video store that way. The previous tenant refused to sign a lease so the property owner seeked my out to replace them.
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Re: Lease 15 Aug 2007 21:27 #15760

Yeah, the tenant is the theater version of a slumlord lol
I've had people in other areas check out his other houses, and true to form, they are all falling apart around the "staff" running them. I found out from chatting with someone that he only pays his general managers $6 an hour, which may explain alot.
I think I'm going to go for it. Well, as soon as I get the lease figures. I missed the call today, so I'm hoping to get the details tomorrow. If it's at all doable, I think I want to do it. Of course, I'll post here first and get everyone's input lol
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