In a major development, The Macerich Company MAC announced the inauguration of high-profile ArcLight Cinemas at the third level of Santa Monica Place. Opening of this glamorous cinema in the Santa Monica, CA-based retail real estate investment trust’s (“REIT”) award-winning property will likely attract more traffic to the center.
This is an important development not only for Santa Monica Place but also for the City of Santa Monica. With movie buffs having waited long for such kind of a facility, introduction of this high-tech cinema will indeed be a fantastic treat for them. To add to their delight, the expanded Expo Rail Line, which is likely to open in 2016, will enable visitors to reach Santa Monica from Downtown Los Angeles in only 46 minutes.
ArcLight Cinemas offers various modern amenities such as commercial-free movies, reserved seating, black-box auditorium and varied cuisine, among others. Further, Santa Monica Place is home to various top brands as well as an enthusiastic group of food and restaurant chains, which will heighten its commercial appeal.
Macerich currently carries a Zacks Rank #3 (Hold).
Investors interested in retail REITs may consider stocks like Agree Realty Corp. ADC, CBL & Associates Properties Inc. CBL and National Retail Properties, Inc. NNN. All these stocks hold a Zacks Rank #2 (Buy).
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