WELLESLEY, MASS. — The Vascular Care Group has signed a 9,843-square-foot healthcare lease at 981 Worcester St. in Wellesley, a western suburb of Boston. The two-story building spans 28,120 square feet. Dan Krysiak and Michael Greeley of Newmark represented the landlord, CEA Wellesley Trust, in the lease negotiations. Michael Milano of Spinnaker Healthcare Advisors represented the tenant.
NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …
BEDFORD, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $54.5 million sale of Bedford Marketplace, a 153,000-square-foot shopping center in the northwestern Boston suburb of Bedford. The sales price equates to $355 per square foot. Whole Foods Market anchors the center, which also houses tenants such as Marshalls, Cambridge Savings Bank, Bank of America, Brookline Bank, U.S. Post Office, AFC Urgent Care and Lincoln Liquors. Jim Koury of IPA represented the seller, RFPS 181 Owner LLC, and procured the buyer, Ramco Property Acquisitions LLC. Bedford Marketplace was 97 percent leased at the time of sale.
CAMBRIDGE, MASS. — Nauset Construction, a locally based design-build firm, has completed 77 Park, a 93-unit multifamily project located in the Alewife area of Cambridge. Designed by Piatt Architects, the transit-served property rises four stories and spans 96,000 square feet. Units feature studio, one- and two-bedroom floor plans ranging in size from 595 to 1,265 square feet. Amenities include a terrace with grilling stations, a café with a full kitchen, multimedia room, sky lounge, fitness center and a dog washing and grooming station. Rents start at $2,200 per month for a studio unit.
EWING, N.J. — Neuman Commercial Group LLC has brokered the $8.6 million sale of a 98,005-square-foot retail and industrial building in Ewing, a suburb of Trenton. Built in 1955 on 6.7 acres, the property was 98 percent occupied at the time of sale by tenants such as Dollar General, Dunkin’ and the State of New Jersey Department of Motor Vehicles. Gil Neuman of Neuman Commercial represented the seller, Black Oak Associates, and procured the undisclosed, locally based buyer.
WESTBURY, N.Y. — X-Golf, an entertainment concept that features golf simulations and food and beverage offerings, has signed a 6,200-square-foot lease at Samanea Mall in the Long Island village of Westbury. Matthew Kucker, Jordan Baruch and Herb Agin of Colliers International, along with internal agent Dominic Coluccio, represented the landlord, Lesso Mall Development, in the lease negotiations. Bradley Diamond of Parallel Realty represented the tenant, which will backfill a space previously occupied by David’s Bridal. Other entertainment concepts at Samanea Mall include Dave & Buster’s and Empire Adventure Park.
NEW YORK CITY — CycleBar and Pure Barre, two concepts owned by Xponential Fitness, have signed 10-year leases to open exercise studios at 1151 Third Avenue, a 14,820-square-foot building on Manhattan’s Upper East Side. The fitness users will share a 5,300-square-foot space that spans the entire second and third floors. The Feil Organization owns 1151 Third Avenue, which was originally built in 1910. With these leases, the property is now fully leased. The fitness studios opened on July 28.
NEW YORK CITY — New York City-based Paramount Group Inc. (NYSE: PGRE) has received an $860 million loan for the refinancing of 1301 Avenue of the Americas, a 1.7 million-square-foot office building in Midtown Manhattan. An undisclosed lender provided the five-year, interest-only loan. Designed by Skidmore, Owings & Merrill, the 45-story tower is located between West 52nd and 53rd streets and provides lower-level access to Rockefeller Center. In addition, the property, which was 71.5 percent leased at the time of the loan closing, features 30,000 square feet of retail space. According to Wikipedia, Uris Buildings Corp. originally developed 1301 Avenue of the Americas in 1964. J.C. Penney purchased the building in 1977 to serve as its new headquarters, only to relocate to the Dallas area 11 years later.
CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.
NEW YORK CITY — Regional grocer Wegmans will open an 82,000-square-foot store at 770 Broadway in the Greenwich Village neighborhood of Manhattan. RIPCO Real Estate LLC represented Wegmans in the negotiations for the 30-year lease. Vornado Realty Trust (NYSE: VNO) owns the 1.2 million-square-foot building, which occupies a full city block. The opening, which will be the first for Wegmans in New York City since the debut of the Brooklyn Navy Yard store in October 2019, is scheduled for the second half of 2023.