Realty Income Corporation is looking to sell its 7-acre property at 20000 Century Blvd in Germantown, which is currently home to the Regal Germantown movie theater. There is no current plan for the theater to close, but CBRE is brokering the potential sale and it is being presented as “a residential development opportunity in the heart of Germantown.”
Per the listing: “Located on Century Boulevard just off of Germantown Road and Route I-270, the Site totals 7.01 acres (305,355 square feet) across two parcels. The Property contains a 58,782-square-foot, two-story movie-theater complex. Constructed in 2002, the building is currently leased to Regal Cinemas through September 30th, 2024 and transfers to month-to-month afterward. The structure’s footprint occupies approximately 20% of the Property, with the balance consisting of a surface parking lot totaling 587 spaces.
The Property is zoned Commercial Residential (CR) which permits residential development as a matter of right. The Owner engaged Soltesz to provide two townhome layouts. Townhome Layout 1 shows 134-16′ and 18′ wide townhome units, while Townhome Layout 2 shows 114-22′ and 24′ wide units. Each Layout is found on pages 16 and 17 of this Offering Memorandum.”
Additional information can be found here.