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One Liberty Properties JV Acquires Three Cinemas for $31M

NEW YORK-The joint venture comprising One Liberty Properties and MTC Investors LLC now owns a Regal Cinema near Rochester, NY; a Regal Cinema outside San Antonio; and a Cinemark theater in Lubbock, TX. The total consideration for the theaters was about $30.8 million.

By Diana M. Rodriguez | Updated on December 27, 2002

NEW YORK-In a 50/50 joint venture, locally based One Liberty Properties and MTC Investors LLC, an affiliate of a shopping center owner and operator, recently purchased three stadium-style movie theaters for $30.8 million. The venture, which together had previously acquired one other cinema, paid $21.6 million in cash. The balance was rolled into a long-term mortgage of about $9.2 million.

The three properties are located in Henrietta, NY (outside Rochester); Live Oak, TX (a suburb of San Antonio); and Lubbock, TX. The Regal Live Oak 18 is the largest of the three, encompassing 81,836 sf with 18 theaters offering stadium-style seating. The cinema is triple net-leased on a long-term basis to Regal Cinemas Inc.

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