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Acquisitions

AcquisitionsHospitalityMichiganMidwestRetailTop Stories

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

by Alex Tostado

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn National. The lease will have an initial rent of $55.6 million annually for 15 years with four five-year renewal options. Greektown opened in 2000 and features over 10,000 square feet of casino space, about 2,700 gaming machines, three restaurants and a 400-room hotel. Greektown employs about 1,800 people. “We are proud to expand our partnership with Penn National and add Greektown to our growing portfolio of market-leading gaming, hospitality and entertainment destinations,” says John Payne, president and chief operating officer of VICI Properties. “As the only casino located in Detroit’s historic Central Business District, Greektown, and its 30-story hotel tower, are ideally situated.” The Detroit Free Press reports Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is the seller. Gilbert is expected …

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AcquisitionsIndustrialNew JerseyNortheast

NKF Arranges $15.8M Sale of Flex Facility in Clark, New Jersey

by David Cohen

CLARK, N.J. — NKF has arranged the $15.8 million sale of a 108,000-square-foot flex facility in Clark. Located at 175-195 Terminal Ave., the property is fully leased as the headquarters of L’Oréal’s North American R&D division. The seven-acre property includes a single-story R&D space that was recently renovated. Steven M. Schultz and Tony D. Georgiev of NKF represented the seller, Denholtz Associates, in the transaction. The buyer was undisclosed.

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AcquisitionsNew JerseyNortheastOffice

Marcus & Millichap Brokers $10.5M Sale of Office Building in New Jersey

by David Cohen

CLARK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a 76,000-square-foot, five-story office building in Clark. Located at 67 Walnut Ave., the property was 97 percent occupied at the time of sale. Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller in the transaction, a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was a private investor.

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AcquisitionsDevelopmentMultifamilyNortheastPennsylvania

PREIT Sells Four-Acre Multifamily Development Site in Metro Philadelphia for $10.3M

by David Cohen

EXTON, PA. — The Pennsylvania Real Estate Investment Trust has sold a four-acre development site in Exton for $10.3 million. The site is located adjacent to the Exton Square Mall, which is approximately 33 miles northeast of Philadelphia. The property was acquired by Hanover Co., which plans to build a 300-unit apartment building on the site. PREIT recently revamped the Exton Square Mall with the addition of a Whole Foods location earlier this year.

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AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

Blueprint Negotiates Sale of Two Assisted Living Communities in Philadelphia

by David Cohen

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.  

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AcquisitionsIndustrialMidwestMissouri

Mid-States Distributing Purchases Former Toys ‘R’ Us Facility in Lee’s Summit, Missouri

by Kristin Harlow

LEE’S SUMMIT, MO. — Mid-States Distributing LLC has purchased the former Toys ‘R’ Us Kansas City distribution facility located in Lee’s Summit. Mid-States, which is a U.S. and Canadian farm and ranch retail store cooperative, plans to commence operations at the site by the end of the year. The company also plans to hire between 30 and 35 additional employees. Mid-States plans to invest more than $35 million for the 725,769-square-foot facility, which will serve as a centralized distribution point. Toys ‘R’ Us ceased operations earlier this year.

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AcquisitionsIllinoisMidwestRetail

Baum Arranges $3M Sale of Retail Building in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — Baum Realty Group LLC has arranged the $3 million sale of a 4,469-square-foot retail building in St. Charles, roughly 40 miles west of Chicago. Starbucks and Verizon fully occupy the property. Patrick Forkin of Baum represented the seller, a national retail developer. An East Coast-based buyer completing a 1031 tax-deferred exchange purchased the asset in an all-cash transaction.

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AcquisitionsRetailTexas

SRS Negotiates $4.7M Sale of Walgreens Asset Near Dallas

by Taylor Williams

MESQUITE, TEXAS — SRS Real Estate Partners has negotiated the $4.7 million sale of a retail asset triple-net leased to Walgreens in Mesquite, an eastern suburb of Dallas. The property was built in 2000 and totals 15,062 square feet. Matthew Mousavi and Patrick Luther of SRS represented the Utah-based seller in the transaction. The buyer in the all-cash deal was a California-based investor that acquired the property via a 1031 exchange.

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Ritz-Carlton-Lake-Tahoe-Truckee-CA
AcquisitionsCaliforniaHospitalityWestern

Braemar Hotels & Resorts to Acquire Ritz-Carlton Lake Tahoe for $120M

by Amy Works

TRUCKEE, CALIF. — Braemar Hotels & Resorts has agreed to acquire Ritz-Carlton Lake Tahoe, an upscale hotel and resort property located 13031 Ritz Carlton Highlands Court in Truckee. Additionally, the company is acquiring a 3.4-acre parcel of vacant land adjacent to the hotel. The land is being entitled for luxury residential townhome development. Total consideration for the acquisition is $120 million and consists of $103.4 million for the hotel, or $608,000 per key; $8.4 million for the adjacent development parcel; and $8.2 million for capital reserves. The acquisition is expected to close by Jan. 15, 2019. Built in 2009, the property features 170 guest rooms, including 17 suites; ski-in/ski-out access to Northstar Ski Mountain; Lake Club on the shore of Lake Tahoe, a 17,000-square-foot full-service spa; six food and beverage outlets; more than 37,000 square feet of flexible indoor/outdoor meeting space; two outdoor pools; a fitness club and yoga studio; and the Ritz Kids Club. Ritz-Carlton will continue to manage the property following the acquisition.

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