Business in Brief: Regal Cinemas property sold to real estate investment trust

Stellar Group Inc. opens an expanded Jacksonville warehouse.

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  • | 5:10 a.m. June 4, 2019
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Knoxville, Tennessee-based Regal Cinemas Inc. sold the theater property at 9525 Philips Highway in The Avenues area to investor Realty Income Properties 10 LLC of San Diego.

Realty Income Properties paid $19.2 million for the property May 14. The almost 101,600-square-foot Regal Avenues Stadium 20 and RPX was built in 1999 on 24.33 acres.

The sale was for investment purposes and the theater remains open and operating.

Realty Income Corp., The Monthly Dividend Company, is structured as a real estate investment trust, requiring it annually to distribute at least 90% of its taxable income in the form of dividends to its stockholders.

It was founded in 1969.


New FSCJ technology center

Florida State College at Jacksonville will open an Instrumentation and Control Technology Center within the engineering technology associate in science degree program.

The center is supported by a $499,655 grant from the National Science Foundation and from industry partners including OnSyte Performance, Siemens Corp. and others.

New Stellar facility

Stellar Group Inc. opened an expanded Jacksonville warehouse for the storage of oil drums and remanufactured refrigeration compressors.

The 21,320-square-foot building at 5985 Richard St., Suite 3, is 40% larger than the previous facility. Stellar also opened a similar facility in Fort Worth, Texas.

“These two new facilities allow us to serve our customers’ parts and compressor needs better than ever before,” said Mike Horst, division manager, compressor services.

Stellar also operates parts and compressor shops in Modesto, California, and York, Pennsylvania.

This story has been updated with new information about the Regal Cinemas sale.