(AUGUST 14, 2012 – PITTSBURG, CA) – Transwestern today announced the completion of a 20-year lease agreement between Sierra Pacific Properties and Maya Cinemas.
Maya Cinemas will operate a 54,760 square foot theater complex in a Sierra Pacific-owned retail center at Century Plaza, off Highway 4 in Pittsburg, California. The new Maya Cinemas Pittsburg 16 on Somersville Road opened on August 3. The terms of the lease also include three, five-year options.
“This is a very interesting development because there has been a saturation of movie screens in the San Francisco Bay Area in the past decade,” said John Sechser, senior vice president and director of retail operations for Transwestern. “Compared to the 1980s and 1990s, this business sector has seen little expansion lately. However, the entertainment industry remains very strong, and Maya is targeting an underserved ethnic and family-oriented market.”
The Maya Cinemas Pittsburg 16 is strategically located. “There are two first-run theaters in the trade area: the Regal in Antioch and the Rave in Brentwood,” added Sechser. “Century Plaza is a stronger regional location. Most people in the area pass it on their way to and from work daily, so it has exceptional identity. Access will be greatly improved with the new Highway 4 enhancement set to complete by the end of 2013. The theater is easily accessible as a dominant ‘bookend’ to the 550,000 square foot shopping center.”
Sierra Pacific Properties is a developer, owner and operator of institutional grade office buildings, business parks, shopping centers and multifamily residential communities, located primarily in Northern California’s Contra Costa and Solano Counties. It is privately owned by the Seeno family and is headquartered in Concord, close to most of its major holdings.
Maya Cinemas is developing a chain of megaplex movie theaters, focused on providing high quality movie-going experiences in new and redevelopment market areas. It intends to become the premier film exhibitor by building theaters in areas with strong movie-going demographics, in particular, Latino-centric, family-oriented communities in underserved urban and rural areas. Maya offers first-run Hollywood movies and Spanish language films, with an emphasis on state-of-the-art technology and superior customer service.
Transwestern is a privately-held operating company specializing in commercial real estate services, investment and development. The firm’s fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts. Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.
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