The theater, located in the Dayton, OH suburb of Beavercreek, is triple net-leased on a long-term basis to Regal Entertainment, one of the world's largest motion picture exhibitors with 5,886 screens in 561 venues. "The acquisition of this asset continues the Company's stated objective of seeking opportunistic acquisitions of improved net leased real property leased to quality tenants," says One Liberty president and CEO Jeffrey Fishman.
The property is located adjacent to the ring road serving the Mall at Fairfield Commons, a 1,124,207-sf shopping center that is owned by Glimcher. Anchor tenants at the complex include Elder-Beerman, JCPenney, Lazarus, Parisian and Sears.
This is OLP's third cinematic acquisition. Previously, the JV bought a stadium theater in suburban Los Angeles leased to AMC Entertainment Inc. subsidiary American Multi-Cinema Inc. The group also purchased a stadium movie theater located in the Atlanta suburb of Austell. That facility, like the Beavercreek venue, is leased to Regal.
The sale is mall REIT Glimcher's fifth disposition this year, bringing the company's year-to-date sales to $42.5 million. The proceeds are being used to retire a maturing $8.6 million construction loan and to repay other short-term debt.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
