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.
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