LI REIT Buys 75,000-SF Multiplex

NEW YORK CITY-A joint venture of Long Island REIT One Liberty Properties, Deutsche Bank Group subsidiary DB Real Estate-Private Equity and shopping center developer affiliate MTC Investors LLC has completed its acquisition of a 75,000-sf movie theater. OLP Holdings LLC purchased the 20-screen facility from Columbus-based Glimcher Realty Trust for $9.7 million.

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.