"We closed at a 9% cap, which is a very aggressive cap for theaters," John Wise, senior director of the national office and industrial properties group at Marcus & Millichap in Atlanta, tells GlobeSt.com. "Most are usually around a 10 or 11. We were able toachieve that because of the great location of the property."

Scottsdale-based Spirit Finance Corp. emerged from a dozen offers as the winning buyer, adds Wise, based on the investor's local reputation and ability to close with all cash. "They were local and that was an important factor because they really understood that this is a tremendous location," Wise says of the seven-year-old theater property.

TMW Real Estate Group LLC of Atlanta, a subsidiary of Prudential Real Estate Investors of Parsippany, NJ, listed the property through Wise last fall, lowering its asking price in January. Marketing lasted approximately three months from the new ask. TMW owned the theater for five years.