California has dropped most Covid restrictions and now Regal Cinemas is moving into the former ArcLight Cinemas in the Sherman Oaks Galleria.
The second largest movie chain in the U.S. signed an 87,000-square-foot with mall owner Douglas Emmitte to take over the shuttered complex, according to the Los Angeles Times.
Over a dozen theater companies competed for the space, after ArcLight announced it was permanently closing its doors in April. JLL represented Douglas Emmett in the lease deal, according to brokerage. Terms were not disclosed.
Regal beat out AMC Theaters, which disclosed it was looking to sign leases at the former ArcLight and Pacific Theaters spaces earlier this month. The former ArcLight location at the Cinerama Dome in Hollywood remains closed.
The latest news comes as the movie industry continues to make its way back from the pandemic shutdowns.
Regal is planning pricey improvements at the Sherman Oaks space. It will spend $10 million in renovations, adding a VIP lounge, full bar and a 4-D screen with seats that shake and move in sync with the movie, according to the report.
The new cinema plans to open “very soon,” said Mooky Greidinger, head of Regal’s UK-based parent company Cineworld.
Regal operates 14 theaters in L.A. County, and more in Orange, Riverside and San Bernardino counties.
[LAT] — Isabella Farr