REBusinessOnline

Newmark Affiliate Arranges $91.3 Sale of Retail Portfolio in Mountain West

SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of …

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will …

HFF Arranges $260M Construction Financing for New Tower at Mixed-Use Project in Manhattan

NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman …

Icahn Enterprises Agrees to Sell Tropicana Entertainment for $1.85B

NEW YORK CITY — Icahn Enterprises has agreed to sell Tropicana Entertainment Inc. to Gaming and Leisure Properties Inc. for $1.85 billion in a deal that includes all of Tropicana’s real estate. The company’s gaming and hotel operations will be merged into Eldorado Resorts Inc., which owns and operates 20 casinos in 10 states. Under the agreement, Pennsylvania-based real estate investment trust Gaming and Leisure Properties will buy Tropicana’s real estate for $1.21 billion and lease …

Aimco Buys Six Apartment Communities in Metro Philadelphia from Developer for $445M

PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company," says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia …

Eldorado Resorts to Acquire Grand Victoria Casino in Illinois for $327.5M

ELGIN, ILL. — Eldorado Resorts Inc. (NASDAQ: ERI), a Nevada-based casino owner and operator, has agreed to acquire the Grand Victoria Casino for $327.5 million. The riverboat casino opened in 1994 and is moored on the Fox River in Elgin, approximately 40 miles northwest of Chicago. Eldorado Resorts will acquire the roughly 30,000-square-foot casino from a partnership between MGM Resorts International (NYSE: MGM) and RBG LLP, a subsidiary of Hyatt. Eldorado will use proceeds from recent …

Angelo, Gordon & Co. Acquires Pair of Office Buildings in Chicago for $147M

CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building …

SL Green, Ivanhoe Agree to Sell Office Condo Portion of Tower in Manhattan for $633M

NEW YORK CITY— SL Green Realty Corp. (NYSE:SLG) and joint venture partner Ivanhoé Cambridge have agreed to sell their office condominium space at 1745 Broadway in Manhattan for $633 million. The 930,000-square-foot tower includes retail spaces, offices and residential condominiums. SL Green and Ivanhoé will sell their portion of the property, totaling 674,000 square feet and spanning floors two through 26, to an institutional client of Invesco Real Estate. In deals separate from …

Retailer Nine West Files for Bankruptcy, Will Close All 70 Stores

NEW YORK CITY — Nine West Holdings Inc., a New York-based women's shoe and apparel wholesaler, has filed for bankruptcy after accumulating $1.6 billion in debt. As a result, the company plans to close all 70 of its brick-and-mortar retail stores. The company joins Toys ‘R’ Us, The Walking Company, Bon-Ton and Claire’s as prominent retailers to file for bankruptcy in the last year. An unidentified lender has provided $300 million in debtor-in-possession financing. The company also …

Tishman Speyer to Break Ground on $3.7B, Pfizer-Anchored Office Tower in Manhattan

NEW YORK CITY — Tishman Speyer, a New York-based owner and developer of trophy office assets around the world, plans to break ground in June on The Spiral, a $3.7 billion office tower that will rise 65 stories at 66 Hudson Blvd. in Manhattan. Global pharmaceutical company Pfizer recently signed an 800,000-square-foot, 20-year lease at The Spiral, which is slated for completion in 2022. Pfizer will occupy floors seven through 21, as well as some lobby space. The Spiral will serve as …