ROANOKE, VA-The 1,222-sf Consolidated Valley View Grande 16 Theatre has been sold to a joint venture involving One Liberty Properties Inc. and Deutsche Bank Group affiliate DB Real Estate-Private Equity in a $9 million deal. Located at 4730 Valley View Boulevard near the Valley View shopping mall, the megaplex movie theatre opened in May 2000 and features stadium seating capable of accommodating up to 2,900.
Charlotte, NC’s Consolidated Theatres, which has movie houses in North Carolina and South Carolina as well, developed the theater for approximately $11 million. Roanoke County notes the property’s value at approximately $6.8 million.
“The acquisition of these assets continues the company’s stated objective of seeking opportunistic acquisitions of improved net leased real property leased to quality tenants,” explains One Liberty president and CEO Jeffrey Fishman. New York, NY-based One Liberty serves as the manager of the JV and owns 25% of the partnership. Roanoke Cinema has a long-term lease agreement on the property.