Regal Cinemas signed a lease Friday with mall landlord Douglas Emmett Inc. to take over the vacant theaters in the Galleria and reopen them soon, real estate brokerage JLL said. Terms of the lease were not disclosed.Regal was one of a dozen theater operators competing to get into the Galleria, JLL property broker Shauna Mattis said, a show of investor support for the cinema industry that took heavy losses during the pandemic when customers were trapped at home.
“There is a lot of opportunity out there right now because of the pandemic and foreclosures across the board,” said Mattis, who represents the landlord. “Some retailers are taking advantage of it to get into really neat properties like the Sherman Oaks Galleria.” The deal will expand Regal’s presence in the Los Angeles area, where it also operates Regal LA Live in downtown L.A.
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