Fossil Creek UA Theater is sold, undergoing renovations

Southlake-based United Development Co. has partnered with two other real estate investment and development firms to buy 11 movie theater properties, including one each in Fort Worth that’s being renovated and another in Grand Prairie that will close.

United Development, ALA Holdings in Los Angeles and Washington-based Iron Point Real Estate Partners recently completed the $40 million deal with owner Kimco Realty. In addition to Texas, properties in the 109-screen portfolio are in New York, New Jersey, Mississippi, Louisiana, North Carolina, Oklahoma and Colorado.

Only four of the properties will remain as theaters, while the remaining seven will be redeveloped, said Biff McGuire, founder and CEO of United Development.

The deal included the UA Fossil Creek Stadium 11 at 6100 N. Freeway. The theater is open while it undergoes about $3 million in renovations and upgrades to seating and concessions. The work should be completed in November, he said.

The UA Grand Prairie 10 theater at Interstate 20 and Carrier Parkway will close early next year and be redeveloped as a retail center, likely with a grocery store and restaurant anchors, McGuire said.

The acquisition also included the Dallas UA Galaxy Theater 10, which will remain open.

This story was originally published June 26, 2015 at 3:30 PM with the headline "Fossil Creek UA Theater is sold, undergoing renovations."