R.J. BRUNELLI NAMED NATIONWIDE REAL ESTATE BROKER FOR INDOOR VIRTUAL REALITY THEME PARK
OLD BRIDGE, N.J., Jan. 29, 2019 /PRNewswire/ — Retail leasing specialist R.J. Brunelli & Co., LLC, today announced that it has been selected by Legend Heroes Park as exclusive nationwide real estate broker for its entry into the U.S. market. Vacant anchor and sub-anchor spaces at regional malls, as well as freestanding or strip center big-boxes are primary targets for D. Legends Holdings Pte Ltd., the Singapore-based creator of indoor virtual reality theme parks.
As a Tech-based Entertainment (TBE) concept combines cutting-edge virtual and augmented reality technologies with the physical world for an immersive experience. Guests of all ages will find a wide range of rides, games, sports, entertainment, and other attractions employing virtual and augmented reality, holograms, motion tracking, projection mapping and 4D+ technologies.
The park’s modularized concept can be adapted to a wide range of building sizes, with the space divided into a series of zones targeting different interests. These range from a Junior Zone that allows young children to discover, learn and explore through virtual and physical spaces, to a Sports Zone where people of all ages can learn, practice and hone their skills in football, baseball, archery, clay pigeon shooting and other sports, to an Arcade Zone featuring immersive and interactive arcade games.
The first phase of Legend Heroes Park’s initial location opened earlier this month in Studio City in Macau. A second phase is scheduled to open in late Spring, bringing its total footprint to 64,000 square feet.
For its U.S. entry, the company is seeking big-box locations in major metropolitan markets across the country, including New York, Atlanta, Orlando, Las Vegas, Los Angeles, San Francisco, Dallas/Ft. Worth, Houston, Chicago, Boston, Denver, San Diego, Virginia, Washington, D.C. and Philadelphia.
Building requirements call for 30,000- to 40,000-square-foot spaces with a minimum ceiling height of 16-feet overall, with 40 percent of the space at least 32-feet high for rides, noted R.J. Brunelli Manager of New Tenant Representation Julie T. Fox. Preferred locations should have five million people within 30 miles, with a one-hour maximum driving distance.
Regional malls are the preferred venue, where the company can absorb vacant sub-anchors or single floors of subdivided department store buildings. Legends Holdings will also consider vacant big-box retail spaces on the periphery of regional malls or in high-profile power centers, strip centers or freestanding highway locations. Other potential venues include warehouse/flex buildings in close proximity to major malls or entertainment complexes.
“At a time when many mall operators are struggling to fill vacant department store spaces, Legend Heroes Park offers a unique entertainment destination use aimed at people of all ages,” said Fox. “In particular, the flexible concept presents a compelling alternative for properties desiring to present new options that can potentially bring back millennials who have shied away from malls in recent years.”