LNR partners spokesperson, Bud Perrone of Rubenstein Communications released the following statement regarding the future of Arlington Theaters.
“While we regret that we were not able to come to terms with the previous operator of the Arlington Theaters, LNR Partners is working with the Arlington Heights village officials to ensure that the cinema is maintained as the anchor of the shopping district and as a central gathering place for residents of the local community."
"We are currently in active discussions with multiple theater operators, all of which are willing and able to invest in the upgrades necessary to ensure the theater’s long-term success, and anticipate the theater’s re-opening in the near future."
“LNR Partners was brought in to serve as the agent of the CMBS trust that holds the debt on Arlington Town Square when the developers of property were unable to live up to the terms of its loan. Edgemark was then retained to serve as the manager and leasing agent for the center. Our legal obligation is to act in the best interests of the bondholders of that trust, which include public and private pension funds, individuals and institutional investors.”