"There's tremendous growth there," Larry Ricketts, vice president of acquisitions, tells GlobeSt.com. "It (the population) has increased by 40% in the last five years."
The property is triple net-leased on a long-term basis to Regal Cinemas, Inc., a subsidiary of Regal Entertainment Group, Inc., which owns and operates 5,886 screens in 561 theaters.
Ricketts says One Liberty plans to buy theaters through its joint venture as well as other assets by itself. He says the REIT is considering acquiring various types of single-tenant, triple net leases throughout the country. It currently has two additional stadium movie theaters under contract.
The joint venture previously acquired a stadium movie theater in Norwalk, CA, which is leased to American Multi-Cinema, Inc., a subsidiary of AMC Entertainment, Inc.
OLP Holdings, LLC is a joint venture of One Liberty Properties, Inc., DB Real Estate-Private Equity, an affiliate of Deutsche Bank Group and MTC Investors LLC, an affiliate of a shopping center owner, developer and operator.
One Liberty specializes in the acquisition and ownership of a diverse portfolio of real estate properties under long-term net leases.
DB Real Estate, private equity, a division of DB Real Estate, is responsible for acquiring and managing high-yield, opportunistic real estate equity investments. DB Real Estate is the global real estate investment management business of Deutsche Bank.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.