A longstanding movie theater in Centreville has changed hands, raising the prospect that it could be redeveloped in the future.
Finmarc Management, a commercial real estate firm based in Bethesda, Maryland, announced on Friday (Nov. 21) that it has acquired Cinemark Centreville (6201 Multiplex Drive) and Xscape Theatres (7710 Matapeake Business Drive) in Prince George’s County for a combined $15.1 million.
Finmarc Principal Neil Markus indicated that the two cinemas will remain in place for now, stating that the company’s “immediate plans are to stabilize each property” and introduce new management protocols to improve their operational efficiency.
“Both theatre assets are institutional-quality properties, strategically located in areas exhibiting extremely strong population growth, and leased by high-performing national movie theatre operators,” Markus said in a press release. “The sites are situated in high barrier-to-entry suburban in-fill areas and positioned in the center of robust retail corridors … We believe that each offers long-term value-add opportunities, based on the strong demographic fundamentals present in each submarket.”
However, Finmarc — which handles commercial real estate development and investment as well as management and leasing — didn’t rule out the possibility that the buildings could at some point see a change in tenant or undergo redevelopment.
“All the options are on the table,” a representative from Finmarc Management said. “We are continuing to monitor the strength of the movie industry while exploring other tenancy options and alternative land uses.”
Constructed in 1993 by National Amusements, the Centreville theater was one of 35 locations that the Redstone family sold in December 2009 to Rave Cinemas in a bid to address the media company’s debts. The Centreville site specifically was sold on Dec. 28, 2009 for $5.3 million, according to Fairfax County property records.
When it acquired Rave in 2013, Cinemark rebranded Centreville 12 and other locations, including the theater in Fairfax Corner.
Finmarc noted that its acquisition of the two movie theaters follows recent takeovers of the Dulles Corner and Trinity Centre office parks, which are both in the Route 28 corridor, like Centreville 12.
“We intend to remain aggressive in our pursuit of emerging institutional-quality, under-performing, and value-add assets in the coming year, backed by ready capital and a strong track record of certainty to close,” Markus said.
Featuring 12 screens, Cinemark Centreville occupies a 72,821-square-foot building on 12.5 acres just off of Route 28 (Centreville Road), adjacent to the Centre Ridge Marketplace shopping center.
Located near single-family homes, the site is zoned for commercial development, but its land unit within the Centreville Suburban Center is targeted for housing at 16 to 20 units per acre by the Fairfax County Comprehensive Plan (page 30). The plan allows a movie theater, child care center and other “neighborhood-serving” commercial uses if they “complement” the area’s residential development.
Fairfax County has been studying potential updates to its Centreville comprehensive plan since March 2024. Staff will unveil the proposed recommendations during an open house on Dec. 4 from 5-8 p.m. at Centreville Regional Library.
