The 60,000-sf property, known as the Regal Rancho Del Rey 16, houses a total of 16 movie screens. Located at 1025 Tierra Del Rey in Chula Vista, the theater is currently net-leased on a long-term basis to Regal Cinemas Inc., a subsidiary of Regal Entertainment Group Inc.
One Liberty learned of the Chula Vista acquisition opportunity through word of mouth, according to Mark Lundy, a vice president at the firm. He tells GlobeSt.com that his firm is "a national based investor that is looking for particular property types and a particular quality of tenant throughout the country." He explains that the Regal Rancho Del Rey 16 acquisition involves a "good market with a good property type and a good tenant, so it was a good fit for us."
In the recent transaction, R. Keith Thompson of RT Associates acted as a consultant for One Liberty. The REIT acquired the property from a joint venture partnership led by a West Coast-based developer, Lundy says.
One Liberty specializes in real estate properties with long-term, net leases. According to a recently released company statement, "One Liberty's leases generally provide for contractual rent increases with all operating expenses and most or all other property related expenses paid by the tenant."
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