AMC Regency 24’s recently renovated theater was sold Friday to a Kansas City investment group for $26.2 million, according to the Duval County Clerk of Court.
A deed signed Friday and recorded Tuesday shows that Regency Mall Realty LLC, Regency CH LLC and Regency Nassim LLC sold the theater to 30 West Pershing LLC.
The 30 West Pershing group is part of EPR Properties of Kansas City, Mo. EPR Properties is a real estate investment trust that owns 135 megaplex theaters in at least 34 states and Ontario, as of the end of its fiscal year.
According to the deed, EPR Properties bought the AMC Regency theater, on 11 acres at 9451 Regency Square Blvd., and another 1.04 acres for parking near the site. AMC leases the theater property.
The recorded price is triple the value of the property and double what the sellers paid for the entire Regency Square Mall last year.
No one involved with the sale commented on the transaction or how the pricing was derived.
The general manager of Regency Square Mall declined comment and an owner did not return two phone calls.
Brian Moriarty, a spokesman for EPR Properties, said he could not comment on the sale.
EPR Properties says it is a specialty real estate investment trust and its primary segments are entertainment, recreation and education. Its total investments top $4.1 billion.
The Regency LLCs, which are a New York-based venture of Mason Asset Management and Namdar Realty Group LLC, bought Regency Square Mall plus the theater property for $13 million in February 2014. They took out a $10 million mortgage in April 2014.
AMC recently renovated the 24-screen Regency theater. Construction alone was estimated at $2.93 million. In addition to new recliner seating, plans show remodeled restrooms, a renovated concession area and MacGuffins Bar.
The 24 auditoriums include an IMAX screen. The 100,704-square-foot Regency theater was built in 1999 when AMC left the inside of Regency Square Mall.
Duval County property records show the assessed value of the theater property is $8.2 million and the nearby parking lot for $262,500, totaling almost $8.5 million.
EPR Properties announced that at as of March 31, the end of its first quarter, its entertainment segment comprised investments in 135 megaplex theaters, nine entertainment retail centers and six family entertainment centers.
Among its holdings are seven theaters in Florida — in Davie, Hialeah, Melbourne, Panama City Beach, Pensacola, Pompano Beach and Tampa.
Its $4.1 billion in investments includes $2.4 billion in entertainment properties, of which $1.6 billion is in megaplexes. A significant portion of its revenue came from rental payments by AMC — American Multi-Cinema Inc.
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