OVERVIEW

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Union Heights Shopping & Entertainment Center (the “Property” or “Union Heights”). Union Heights is a fully occupied, 89,051 square foot, Class A theater-anchored retail and entertainment center situated in Sandy, Utah. Developed in 2005 across an expansive 11.06-acre site, Union Heights stands as Sandy’s premier retail destination, offering a wide array of shopping, dining, and entertainment options. The tenant roster is led by Century Theatres, a subsidiary of Cinemark (NYSE: CNK). Cinemark is one of the world’s largest theater chains, operating 502 theaters and 5,708 screens across the United States and Latin America as of June 2024. Century Theatres initially constructed its 16-screen theater in 2005 under a ground lease, providing the next investor ownership of the land beneath the theater outright. In 2018, Cinemark allocated $3.0 million towards the renovation of the theater, enhancing it with amenities such as luxury loungers. At this location, Century has made a remarkable recovery from the pandemic, showing an exceptional annual sales growth rate of 54% over the past three years. As of 2023, the theater’s sales had reached 88% of its pre-pandemic (2019) level, showcasing a remarkable rebound. Coinciding with its strong growth, the tenant recently signed a 10-year renewal agreement through 4/30/2034, increasing the Property’s WALT to an impressive 7.3 years.

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