W.P. Carey, known for its diverse mix of real estate holdings,has purchased three megaplex theaters, one of which is underconstruction in Hickory Creek, a county town located 33 miles northof Dallas. The acquisition is in line with the financial firm'ssale-leaseback strategy, putting Rave Reviews Cinemas LLC, a newtheater operator, in the tenant's seat instead of the theaterowner's.
W.P. Carey's Corporate Property Associates Inc. 12 and 14,publicly held, non-traded REITs, are putting up the $19.5 millioninvestment. Each megaplex is being leased to a wholly ownedsubsidiary of Rave under a 20-year, bond-type net lease guaranteedby Rave Reviews, which has received its venture capital from BostonVentures Management LP.
The stadium-seat, build-to-suits total about 55,000 sf each.Port. St. Lucie, FL will be getting a 14-plex theater on 13 acresand Pensacola, FL a 16-plex on 10 acres.
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