SIG Completes $12.2 Million Sale of Carmike Cinema

SIG Completes $12.2 Million Sale of Carmike Cinema

Austin, TX (October 23, 2015) – Sands Investment Group, (SIG), one of the fastest growing net lease firms in the nation, has announced the completion of a $12.2 million sale of a single-tenant Carmike Cinema in Altoona, Pennsylvania. Sands represented the developer who worked strategically with the firm to sell the building prior to completion of development.

Carmike Cinemas, Inc. (NASDAQ: CKEC) is a U.S. leader in digital cinema and 3D cinema deployments and is one of the nation’s largest motion picture exhibitors. Carmike operates over 250 theaters across 35 states.

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.

Max Freedman and Chris Sands of SIG represented the developer. The cinema was sold to Agree Realty Corporation (NYSE: ADC), a REIT primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening.

“Our strategy was to identify a buyer that was willing to commit to a price and cap rate one year out from completion. The transaction was designed to reduce cap rate/inflation risk for the developer and secure funds to pay off any construction debt at closing. We were able to successfully achieve that goal,” said Freedman.

“There is an inherent level of risk that developers take on when they start any project.  We were able to utilize our expertise and buyer knowledge to secure a forward commitment on the project to reduce the developer’s exposure,” said Sands.

This was an advantageous acquisition for the REIT as well.  Sands added, “A cinema isn’t your typical single tenant net lease acquisition, but in this case it was a calculated investment for Agree since they can now diversify their portfolio by spreading risk across a variety of assets.”

About Sands Investment Group: Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 650 transactions worth more than $2.2 Billion in 45 states.  Advisors with the company currently have over $300 million in active inventory. As the first boutique firm to offer a national listing platform while providing the proven track record of a large firm, Sands Investment Group has become one of the nation’s fastest growing net lease companies in the US. As a leader in the industry and the only to offer product-type specialization, the firm’s experience in net lease, retail, office and industrial transactions is unparalleled. Sands Investment Group has offices in Santa Monica, CA, Charleston, SC, Atlanta, GA, and Austin, TX. Learn more at

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