A film theater in the San Fernando Valley is finding the whole Residence Depot remedy.
House Depot, the Atlanta-based mostly property advancement retailer, has filed ideas to transform a Regency Theaters in Granada Hills into just one of its large-box stores, according to L.A. metropolis arranging files.
The business is arranging to demolish the present theater at 16830 Devonshire Street and create a 136,000-sq.-foot retail outlet on the web page.
Dwelling Depot, by a restricted liability business referred to as Pasadena Tech Homes, bought the site for $37 million in October, property information clearly show. Alan Fox, the head of San Fernando Valley-primarily based ACF House Management, offered the property.
Regency Theaters has been operating for a lot more than 25 years and has areas across California, Arizona and Hawaii. The Granada Hills locale is still open and working, as of March 24.
The new Household Depot will be 108,560 sq. ft, in addition a 28,415-sq.-foot backyard heart and 366 parking spaces and bicycle parking.
Not like movie theaters, which endured from pandemic-linked closures, House Depot saw a income surge during the pandemic, as men and women at property appeared to do-it-yourself assignments and contractors noticed an uptick in renovations.
The massive-box retailer’s product sales in the fourth quarter of 2021 achieved $35.7 billion — a 10.7 per cent raise yr-on-12 months. For the total 12 months, gross sales increased 14.4 p.c in contrast with 2020, achieving $151.2 billion.
Household Depot opened seven new suppliers in 2021, the business disclosed on an earnings call very last month. Usually, the enterprise leases its homes, and is an desirable tenant for retail assets entrepreneurs.
A Home Depot in Orange County bought for $53 million past calendar year, marking the premier retail offer in the county. New York-dependent Maxim Homes marketed the 225,000-sq.-foot retailer to an affiliate of San Diego-centered trader Sunbelt Financial investment Holdings.