The REIT's joint venture, OLP Holdings LLC, paid an undisclosed seller $14.1 million or $160.23 per sf for the 88,000-sf, 24-screen AMC Southlake Pavilion 24 Theatre in suburban, Morrow, GA.
The movie house is triple-net leased on an estimated 20-year contract to American Multi-Cinema Inc., a subsidiary of AMC Entertainment Inc. The value of the lease wasn't disclosed in a prepared statement from One Liberty.
DB Real Estate-Private Equity, an affiliate of Deutsche Bank Group and MTC Investors LLC, participated in the deal and is part of OLP Holdings.
OLP previously purchased an 88,660-sf, 22-screen theatre in Austell, GA, an Atlanta suburb, for $11.8 million ($133.09 per sf); an 80,000-sf, 20-screen theatre in Norwalk, CA, a Los Angeles suburb, for $12.5 million ($156.25 per sf); and a 75,000-sf, 20-screen theatre in Beavercreek, OH, a Dayton suburb, for $9.72 million ($129.60 per sf).
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