Cineplex Odeon Corp. announced Monday that a partnership, comprising the company and prominent Washington businessmen Ted and Jim Pedas, has completed the acquisition of RIO at Washingtonian Center, a 198,000-square-foot entertainment and retail center in Gaithersburg, Md.
The partnership purchased the property for approximately $ 10.6 million.
Cineplex Odeon currently operates an eight-screen theater at RIO and plans to add another six screens.
Howard Lichtman, Cineplex Odeon executive VP of marketing and communications, said, “The acquisition reflects our strategy of further expanding into healthy markets where we have theaters and there is potential for growth through additional screens and refurbishments.”
“RIO also serves as an ideal site for testing other forms of leisure entertainment,”he concluded.