INDIANAPOLIS— GPI Theatre Properties I has just sold its 51,000-square-foot Regal Cinemas Galaxy 14 multiplex in Indianapolis, IN to Great Neck, NY-based One Liberty Properties, Inc., another example of how outside investors have started to look at this city, among many other smaller towns, as a source of higher yields. Rebecca Wells, an executive vice president in JLL's Indianapolis, IN office and managing director Michael Hochanadel, in the Columbus, OH office helped complete the sale. The price was not disclosed.
“We are in a yield starved environment and investors are finding that markets such as Indianapolis can offer higher yields without the assumption of higher risk on assets that have strong credit tenants with long term leases,” Wells says.
GlobeSt.com will report more details on the deal in an upcoming story.
The single-story, 14-screen movie complex sits within an affluent area at 8105 East 96th St. The site is along I-69, one of the region's busiest highways. The multiplex has been undergoing a $2.5 million renovation, part of a Regal initiative to install luxury seating in roughly 20 locations across the country by the end of 2014. The renovations will bring the multiplex up to the most modern design standards within the Regal portfolio, including megaplex screen configuration, luxury reclining seating, digital projection technology, and expanded dining and seating areas with food and beverage service.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
