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News release

INDIANAPOLIS, IN

JLL Completes Sale of Regal Cinemas Galaxy 14 in Indianapolis

Investors Drawn by Strong Yield and Long Term Tenancy


INDIANAPOLIS, Nov. 6, 2014 — JLL has completed the sale of the 51,000-square-foot Regal Cinemas Galaxy 14 multiplex in Indianapolis, IN. Rebecca Wells, an executive vice president in the Indianapolis, IN office and Managing Director Michael Hochanadel, in the Columbus, OH office completed the sale on behalf of the seller, GPI Theatre Properties I. The buyer was One Liberty Properties, Inc. The price was not disclosed.

According to Wells, the buyer was drawn to this property due to its strong credit tenancy and the ability to achieve higher yields. “We are in a yield starved environment and investors are finding that markets such as Indianapolis can offer higher yields without the assumption of higher risk on assets that have strong credit tenants with long term leases,” Wells said.

The single-story, 14-screen movie complex is located at 8105 East 96th St., an affluent area within the rapidly growing retail and commercial real estate market of Fishers. The site, which also has two outlots that are being sold separately, is along I-69, one of the busiest highways in Indianapolis. The site provides excellent visibility for this type of asset, as well as the outlots, which are ideal for retail tenants.

The multiplex has been undergoing an extensive, $2.5 million renovation, part of the overall Regal initiative to install luxury seating in approximately 20 locations across the country by the end of 2014.  The renovations reflect the most modern design standards within the Regal portfolio, including megaplex screen configuration, luxury reclining seating, digital projection technology, and expanded dining/seating areas with food and beverage service.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​