NEW YORK-In a 50/50 joint venture, locally based One Liberty Properties and MTC Investors LLC, an affiliate of a shopping center owner and operator, recently purchased three stadium-style movie theaters for $30.8 million. The venture, which together had previously acquired one other cinema, paid $21.6 million in cash. The balance was rolled into a long-term mortgage of about $9.2 million.

The three properties are located in Henrietta, NY (outside Rochester); Live Oak, TX (a suburb of San Antonio); and Lubbock, TX. The Regal Live Oak 18 is the largest of the three, encompassing 81,836 sf with 18 theaters offering stadium-style seating. The cinema is triple net-leased on a long-term basis to Regal Cinemas Inc.

The second Texas property, the Cinemark Tinseltown 17 in Lubbock, houses more than 60,700 sf. The 17 theaters also provide stadium seating and are triple net-leased on a long-term basis to Cinemark USA Inc. Globally, Cinemark operates 3,014 movie screens.

The New York theater, the Regal Henrietta 18, totals about 76,000 sf and 18 theaters. Again, the cinemas feature stadium-style seating and were triple net-leased on a long-term basis to Regal Cinemas, a subsidiary of Regal Entertainment Group, which operates 5,711 screens worldwide.

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