45,000 square foot, 12-screen, 2,400 seat theatre slated for Lexington Exchange in California/Lexington Park market
BALTIMORE (September 20, 2013)—R/C Theatres has signed a letter of intent with St. John Properties, Inc. to construct a 12-screen, 45,000 square foot movie theatre at Lexington Exchange, a planned mixed-use real estate project located at the intersection of Three Notch Road and Wildwood Boulevard in St. Mary’s County. The Baltimore-based theatre management company is anticipating opening the 2,400-seat, state-of-the-art movie complex by third quarter 2014, contingent on obtaining financial incentive from St. Mary’s County.
Lexington Exchange is St. John Properties’ first project in St. Mary’s County for the Baltimore-based, full-service development and management company that owns and has developed more than 17 million square feet of office, R&D/flex, retail and warehouse space throughout seven states. The 140-acre mixed-use project is configured to support nearly 350,000 square feet of flex office space, combined with opportunities for “big-box” retail uses and complementary retailers. A number of pad sites are also integrated into the design that are suitable for fast-casual restaurant, financial institution, gas station and pharmacy uses. Lexington Exchange is within minutes from Patuxent Naval Air Station, a facility that employs more than 20,000 workers.
R/C Theatres intends to construct and operate a state-of-the-art movie theatre highlighted by a hps 4000 digital sound and digital projection system, wall-to-wall movie screens and high-back, rocking chair stadium-style seating. The Lexington Exchange venue represents the tenth location of the movie theatre management company that currently operates 72 screens throughout Maryland, Pennsylvania, North Carolina and Virginia. R/C Theatres is a third-generation company founded in 1932.
“R/C Theatres fills a pressing need in the California/Lexington Park marketplace, and attracting an entertainment use was among the top priorities in our leasing strategy,” explained Jerry Wit, Senior Vice President, Marketing for St. John Properties. “Multi-screen cinema complexes are high-traffic uses that bring immediate and long-term visibility to real estate projects, and provide excellent marketing opportunities for the entire tenant mix. The evening and weekend traffic patterns do not interfere with the traditional day-time uses of the typical company or organization.”
“We consider the California/Lexington Park area an emerging demographic market that will support our high-tech theatre model,” said Scott Cohen, president and Chief Executive Officer of R/C Theatres Management Corporation. “The area has demonstrated retail strength with the presence of several national chains and the population is projected to continue its significant growth in the long-term. The above average household income figures suggests a population with disposable income that is historically spent in the entertainment category.”
Situated with close proximity to Lexington Exchange are a number of national “big-box” retail chains including BJ’s Wholesale Club, Best Buy, J.C. Penney, Lowe’s Home Improvement, Sears and Target. Nearly 135,000 consumers reside within a 15-mile radius of the project, including more than 48,000 households with an average household income exceeding $100,000. Lexington Park is ranked among the top 25 more affluent markets in the United States according to research performed by Nielsen Claritas.
St. John Properties, Inc., founded in 1971, owns and has developed nearly 17 million square feet of office, R&D/flex, retail and warehouse space in Maryland, Colorado, Louisiana, Nevada, Pennsylvania, Virginia and Wisconsin. For more information about the company, visit www.sjpi.com.
Source: St. John Properties, Inc.