The Alamo Drafthouse building in La Vista is for sale, though the movie theater tenant isn’t going anywhere.
The property, which opened in 2015 at 12750 Westport Parkway, is owned by Store Capital, an Arizona-based real estate investment trust. The local Alamo Drafthouse franchise entered a 20-year lease with Store Capital in 2015, said Alamo franchisee principal Tyler Calabrese.
“We don’t plan on going anywhere,” he said.
The Alamo franchise is under a triple-net lease, an agreement on the property in which the tenant pays real estate taxes, building insurance and maintenance costs, in addition to rent.
Whoever buys the building will inherit the lease terms with Alamo.
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The property is listed for about $11 million on various commercial real estate sites. Calabrese estimated that the total cost of the building was about $9 million, including construction and equipment costs.
Representatives of Store Capital and Pegasus Investments, the firm brokering the sale, did not respond to requests for comment.
Calabrese said the Alamo franchise doesn’t have a say in who its new landlord is, though he’d be happy if the buyer were local.
In any case, he said, Alamo’s business has been going well, as La Vista’s Southport development has continued to add restaurants and other retail, including a soon-to-open Osaka Steakhouse and Sushi Bar.
“It’s been good for three years now,” Calabrese said. “We’re kind of at the whim of the studios, and the studios have put out pretty good content the past year or so.”
The 2018 box office has posted a marked improvement over last year, with domestic grosses hitting $10 billion in November, faster than any other year in box office history. With a few huge films yet to come, U.S. movie theaters could hit $12 billion this year for the first time ever. The previous domestic record, set in 2016, was $11.3 billion.
That booming business is reflected in the addition of two theaters coming soon to the Omaha area.
The ACX Cinema 12, from the owners of Aksarben Cinema, is expected to open near 204th and Harrison Streets next year.
And Alamo Drafthouse will soon open its second location in the metro area in Midtown Crossing, in the space formerly occupied by Marcus Theatres. The midtown Alamo was set to open before the end of 2018, but Alamo has yet to announce an official opening date.
Said Calabrese: “We’re getting close.”