WASHINGTON, PA. — Gaming and Leisure Properties Inc. has completed the previously announced acquisition of The Meadows Racetrack and Casino in Washington, a suburb of Pittsburgh. Cannery Casino Resorts sold the property for $440 million, inclusive of $10 million previously paid by the buyer to the seller, plus other transaction-related fees and expenses. Concurrently, Gaming and Leisure Properties closed on the sale of the entities holding the gaming licenses and operating assets to Pinnacle Entertainment Inc. for $138 million and entered into a 29-year, triple-net lease agreement, with initial annual rent of $25.4 million per year. Gaming and Leisure Properties funded the real estate transaction, net of proceeds received from the sale of the operating assets to Pinnacle, through a combination of cash on hand, proceeds from the company’s at-the-market equity program and borrowings from its revolving credit facility. The transaction was approved by the Pennsylvania Gaming Control Board on Sept. 7 and the Pennsylvania Harness Racing Commission in August 2016.
NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.
NEW YORK CITY — Rudder Property Group has brokered a number of office and retail property sales, including seven that total $72.1 million at 866 United Nations Plaza in New York. Systems Property Development acquired the retail and garage portion of the building for $31.1 million. Glenn Tolchin of JLL represented the seller in the transaction. Michael Rudder and Mike Heller of Rudder Property Group represented the seller in the office condominium sales: The National Spiritual Assembly Of the Baha’is of the United States acquired a 9,938-square-foot office condominium for $12.4 million. James Saunders of Newmark Grubb Knight Frank represented the buyer in the deal. The Government of Monaco purchased a 7,031-square-foot office space for $9 million. Steven Kaufman of Hanley Advisors represented the buyer. MGRM Holding Inc. bought a 3,563-square-foot office condo for $3.6 million. Mike Bhuiyan of DJK Residential represented the purchaser. The Egyptian Building Fund Authority and the Ministry of Egyptian Foreign Affairs acquired a 10,200-square-foot office space for $8.2 million. Joshua Sloyer of Douglas Elliman and Tahani Elrafei of McBride Agency Realtors represented the buyer. The Permanent Mission of the Republic of Djibouti to the United Nations purchased a 4,643-square-foot office condo for $4.9 million. The Military …
WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 239 Elizabeth St. in Manhattan’s Nolita neighborhood. An estate sold the property to a private investor for $7.2 million, or more than $900 per square foot. The six-story property comprises a studio unit, five two-bedroom apartments, five one-bedroom apartments and one retail unit. Peter Von Der Ahe, Joe Koicim and Joshua Grossman of Marcus & Millichap represented the seller and buyer in the transaction.
FENWICK ISLAND, DEL. — Wilmington, Del.-based Capital & Guarantee, an investment banker and developer, is developing Fenwick Medical Complex, a six-building facility serving Fenwick Island, Bethany Beach and Sussex County, Del., located on Route 20 just east of Fenwick Island. The 120,000-square-foot facility will feature a full-service emergency medical center, ample parking and a heliport, as well as a variety of physician practices, including cardiovascular, family practice, gastroenterology, gynecology, hand surgery and care, internal medicine, neurology, OBGYN, oncology and ophthalmology, among others. Each specialty practice at the facility will have an exclusive position with no competitive practice in the complex and admitting and practice privileges at the regional hospital located 12 miles from the complex.
JERSEY CITY, N.J. — Ironstate Development and Panepinto Properties are developing the final tower at the team’s multi-phase Columbus Drive project in Jersey City. Located at 90 Columbus Drive, the 50-story, 539-unit luxury apartment tower will be the fourth tower in the development, which already features residential buildings at 50 and 70 Columbus Drive, a more than 900-space parking garage and an under-construction 152-room Marriott Residence Inn at 80 Columbus Drive. The joint venture broke ground on the final tower earlier this year and completion is slated for October 2018. Completion for the hotel is slated for this winter. Russell Bershad of Gibbons Real Property & Environmental department has represented the joint venture on the Columbus project since its inception. The Gibbons team has closed $170 million in permanent financing for 70 Columbus, $155 million in construction financing for 90 Columbus and completed a $16 million term loan for the 70 Columbus project. Additionally, Gibbons served as counsel in connection with the ED-5 equity investment component for 90 Columbus.
NEW YORK CITY — HFF has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building industrial complex located in Brooklyn’s Williamsburg neighborhood. HFF arranged the five-year, floating-rate loan through M&T Bank for the borrower, The Hudson Companies. The borrower plans to convert the 97,475-square-foot complex into 83,211 square feet of creative office space and 14,543 square feet of retail space. Designed by S9 Architects, the project is slated for completion in 2018. Christopher Peck and Rory Shepard of HFF secured the financing for the borrower.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a multifamily building located at 546 Isham St. in the Inwood section of Manhattan. Hillcrest Acquisitions acquired the five-story corner building from Geisinger Equities for $9.4 million, or $249 per square foot. Built in 1928, the 37,700-square-foot property features 49 apartments in a mix of studio, one-, two- and three-bedroom layouts. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-unit townhome located at 426 W. 22nd St. in Manhattan’s West Chelsea neighborhood. A private investor acquired the residential rental property for $7.3 million, or more than $1,577 per square foot. The three-story property features a garden-level three-bedroom duplex with a private garden, a second-floor two-bedroom unit with terrace and a third-floor two-bedroom duplex with terrace. Peter Von Der Ahe, Joe Koicim and Josh Grossman of Marcus & Millichap represented the undisclosed seller and buyer in the deal.