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Article: Brooklyn movie theater sold to REIT for $16m.
- Article from:
- Real Estate Weekly
- Article date:
- October 11, 2006
CopyrightCOPYRIGHT 2006 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Massey Knakal Realty Services has sold The Pavilion Movie Theater in the Park Slope section of Brooklyn in an all-cash transaction valued at $16,000,000.
"The nine-screen theater, housed in a 1926 art deco building overlooking Prospect Park, regularly attracts more than 500,000 admissions annually," said Massey Knakal partner Brian Leary, who exclusively represented the seller, a publicly traded real estate investment trust specializing in triple net lease properties, with Broker Kenneth Freeman.
"Despite numerous reports to the contrary, the movie theater operator has a lease through 2022, with two additional 10 year ...