Last October, the leasing company that owns the Regal theater property off University Blvd in Harrisonburg announced that following Regal’s default they decided to terminate the lease with Regal in Harrisonburg and at a Virginia Beach location.
But in a February 11, 2021, Armada Hoffler Properties, Inc., earnings call, it was revealed that the Harrisonburg Regal lease had been renegotiated and that Regal would reopen. In notes from the call...
"...In Harrisonburg, they've started paying rent again already. As it turned out, we might have mentioned this on the last earnings call, that movie theater in Harrisonburg is the only movie theater for a 100-mile radius. And so when we terminated that lease, Regal was anxious to be first in line to get back in. And so we're letting them in. It's going to be a ramped lease. Obviously, giving them some time to get fully open, hopefully, in the spring. But the biggest part of that negotiation was the ability, as you see in that picture on Page 7 in the presentation, being able to take 5 of those acres and turn it into a high-quality multifamily asset and sharing parking with the Regal."
No further public comment so far from Regal Cinemas...but it looks like movies will be returning soon!