Altoona, Pa. — Sands Investment Group (SIG) has arranged the $12.2 million sale of a single-tenant Carmike Cinema in Altoona to Agree Realty Corp., a REIT primarily engaged in the acquisition and development of net-leased retail properties.
Max Freedman and Chris Sands of SIG represented the developer, who worked strategically with the firm to sell the building prior to completion of development. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening.
The 120,000-square-foot, 12-screen Carmike theatre was a build-to-suit planned as part of the Convention Center Commons shopping center that will include a 99-room Holiday Inn Express, offices, restaurants and shops. The cinema, located at 234 Convention Center, will open in late 2015.