Regal Cinemas Extends Miami Lease
- Aug 21, 2019
Regal Kendall Village IMAX & RPX, part of the Regal theater chain, has renewed its long-term lease for 72,000 square feet at Kendall Village Center, a 500,000-square-foot retail, office and entertainment development in the Kendall Lakes suburb of Miami. According to the new contract with the ownership, Berkowitz Development Group, the movie theater will undergo multimillion capital improvements and renovations.
Located at 8659 SW 124th Ave., Kendall Village Center is right off Ronald Reagan Turnpike and easily accessible via public transport. Downtown Miami is about 15 miles east and Miami International Airport is 16 miles northeast.
Built between 2000 and 2005, the development comprises 13 buildings and, along with an adjacent parcel, spans 27.4 acres. The center offers 267,000 square feet of retail space anchored by Regal Cinemas, LA Fitness, Old Navy and Chuck E. Cheese as well as 159,000 square feet of office space which includes 100,000 square feet leased to Nova Southeastern University.
The cinema theater building sits at 8595 SW 124th Ave. The two-floor, 89,331-square-foot asset was completed in 2005, per Miami-Dade County records. The facility is currently under construction and renovation. Improvements include new technology to enhance the movie-going experience, plus a new exterior facade, upgraded seating in all auditoriums and cafés with new food and drink offerings.
In 2018, Berkowitz Development Group obtained a $60 million loan from Ocean Bank. The proceeds were used to refinance Kendall Village Center. Ocean Bank also financed the center’s construction 18 years ago.