Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading entertainment, digital cinema and 3-D motion picture exhibitor, today announced the signing of a build-to-suit agreement and long-term lease with Anthony Properties (Anthony), a leading real estate development and investment firm. Anthony is constructing a new 13-screen digital cinema entertainment complex that Carmike will operate. The new facility is projected to open during the first half of 2014 and will be centrally located off Chantilly Parkway (Route 110) in Montgomery, AL next to the Home Depot.
Jay Anthony, Principal of Dallas, TX-based Anthony Properties, developers of the project, stated, “The top-tier retail, restaurant and commercial tenants in the area and proximity to Auburn University’s Montgomery Campus make this an ideal site for another Carmike Cinemas state-of-the-art theatre. Over the past 25 years we have developed 40-plus properties for Carmike and are delighted to work with them on what we believe is another exceptional location in their growing footprint.”
The new 13-plex theatre will feature luxurious stadium seating for up to 2,800 guests in aggregate. The theatre will also showcase a cutting-edge “BIGD” large format auditorium, Carmike’s critically acclaimed premium theatre experience with a wall-to-wall and floor-to-ceiling 81-foot wide screen, comfortable high back rocking luxury seats, retractable armrests, convenient cup holders and seating for 600 patrons. The other 12 auditoriums will be equipped with large, wall-to-wall screens, as well as high-quality DLP DIGITAL projection and surround sound. Other components of the new theatre will include an upscale lobby, multiple concession areas featuring Coca-Cola Freestyle drink centers, and one-stop ticketing and concessions stations for the convenience of all guests.
Carmike Cinemas President and Chief Executive Officer David Passman stated, “Carmike continues actively expanding our growing circuit, on our way to 300 theatres and 3,000 screens through opportunistic, accretive acquisitions and the addition of multiple new-build theatres in promising locations across ‘Hometown America.’ Alabama has become of one of our top-five states, with 13 theatres at year-end, including six properties we recently acquired from Rave Review Cinemas last November. In addition to the Montgomery entertainment complex, we have another theatre under construction in the Decatur, AL market and will soon begin construction in Opelika, AL.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts