MARANA, ARIZONA – The Harkins Theatres Arizona Pavilions 12 Cinema in Marana, AZ sold to  30 West Pershing, LLC, a subsidiary of the Missouri-based investment company, EPR Properties. The sale closed on December 4, 2019 for a purchase price of $8,475,000 ($186 PSF).

EPR is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge and offer the potential for stable and attractive returns. With two decades of success and over $2 billion in theatre investments, the company brings valuable experience and insight to theatre real estate investing.

Greg Laing with Phoenix Commercial Advisors represented the purchaser.

“The Harkins Theatre purchase was a straight investment,” Greg Laing said. “The Harkins brand will remain and made the 12-theatre cinema all the more attractive to the buyer with the Harkins brand.”

EPR Properties owns the strongest portfolio of theatres operated by premiere motion picture exhibition companies in the country.

Moviegoing remains the dominant out of home entertainment experience with a stable 25-year revenue compound annual growth rate of 3%, 2018 record revenues of $11.8B and attendance of 1.3B. Today’s audiences are seeking a complete experience when they spend their leisure dollars. Expanded food and beverage concepts, luxury seating and the latest technology enhance the new moviegoing experience.

Tim Westfall and Ryan Moroney of Newmark Knight Frank represented the seller, Marana Cinemas Associates, a Larson Baker affiliate.

For more information, Westfall and Moroney can be contacted at 602.952.3822 and Laing should be reached at 602-734-7207.

To learn more, see RED #7365.

Funding of unique office tower offers tenants opportunities in bustling downtown market

PHOENIX, Arizona —The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital markets advisor, announced today that it has secured a $25.5 million in non-recourse, interest-only, bridge financing for Vancouver, Canada-based Townline’s ’ acquisition of 2600 N. Central Ave., a Class A office building in Midtown Phoenix. The 20-story office building was built in 1982 and features 323,607-square-feet of space with an adjacent parking garage.

George Smith Partners’ Principal and Managing Director Malcolm Davies, along with other Davies Group members, Senior Vice Presidents Evan Kinne, Zachary Streit and Ed Steffelin; Vice Presidents Alexander Rossinsky and Rachel Lewis; and Vice Presidents Aiden Moran and Max Shedlosky, sourced the financing on behalf of Townline.

“Townline will renovate and reposition this asset, which will provide great value-add features and amenities for tenants in this booming area, where vacancy has been declining due to limited supply coupled with increasing demand from employers moving into this business-friendly area,” said Davies.

Townline’s plan in acquiring 2600 N. Central Ave. includes creating a unique lifestyle-focused office tower by re-envisioning and renovating the building lobby, common areas and landscape architecture in a style that’s modern, relevant, welcoming and timeless. Other additions include a food/social focused amenity, co-working common space and an exercise facility.

“Part of closing this deal meant familiarizing the lender with Townline’s proven expertise in other markets and its ability to execute on its business plan for this asset,” said Kinne.

Townline acquired the building in June 2019 for $30.75 million and expects to complete renovations in the fourth quarter of 2020.

TUCSON, Arizona — Raytheon Company (NYSE: RTN) was awarded the following contract as announced by the Department of Defense on December 27, 2019.

Raytheon Missile Systems Co., Tucson, Arizona, has been awarded a $768,283,907 non-competitive fixed-price incentive (firm) contract for Advanced Medium Range Air-to-Air Missile (AMRAAM) Production Lot 33. This contract provides for the production of the AMRAAM missiles, captive air training missiles, guidance sections, AMRAAM telemetry system, spares and other production engineering support hardware.

Work will be performed in Tucson, Arizona, with an expected completion date of Feb. 28, 2023. This contract involves unclassified foreign military sales to Australia, Belgium, Canada, Denmark, Indonesia, Japan, Kuwait, Morocco, Netherlands, Norway, Oman, Poland, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, South Korea, Spain, Thailand, Turkey and United Kingdom, which accounts for 47% of the contract value. The Air Force Life Cycle Management Center, Air Dominance Division Contracting Office, Eglin Air Force Base, Florida, is the contracting activity.

Raytheon Company, with 2018 sales of $27 billion and 67,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 97 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I^® products and services, sensing, effects and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts.