A movie theater property at 5478 S. Power Road in Gilbert has been scheduled for a trustee sale following a notice tied to a $10 million debt, according to commercial real-estate website vizzda.com.
According to the notice, an entity connected to the property was scheduled for a trustee sale stemming from debt held by Stearns Bank. The sale is set for noon Dec. 9 at the Jefferson Street courthouse complex in Phoenix.
The property consists of a 38,414-square-foot theater built in 2019 on approximately 5.52 acres zoned BP. It originally operated as an Alamo Drafthouse Cinema before transitioning to Majestic Gilbert 8 in 2021.
