SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.
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 asset sales, cash from ongoing operations and loans from its revolving credit facility to fund the transaction, which is expected to close during the fourth quarter. “The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development,” says Gary Carano, CEO of Eldorado Resorts. “Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained, which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments,” he adds. MGM acquired a 50 percent interest in Grand Victoria in 2005 when it acquired Mandalay Resort Group. As the seller, MGM will receive approximately $162 million …
PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.
DENTON, TEXAS — CBRE has negotiated the sale of Shops at Colorado, a 74,310-square-foot retail center in the North Texas city of Denton. The property was 100 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Staples, Party City and Sherwin-Williams. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller, RCG-Denton LLC, in the transaction. Lincoln Retail Income & Growth Fund purchased the asset for an undisclosed price.
MESQUITE, TEXAS — Vista Property Co. has completed Frontera Plaza, a 44,000-square-foot retail center located at the southeast quadrant of Buckner Boulevard and Interstate 30 in Mesquite, an eastern suburb of Dallas. The property was fully leased upon completion to tenants such as Planet Fitness, Foot Locker and western apparel store Rancho Semental. The property is shadow-anchored by a Walmart and a Sam’s Club. An H-E-B grocery store is also being developed at the intersection.
LOS ANGELES — Marcus & Millichap has arranged the $10.3 million sale of La Brea Sunset Plaza, an 18,297-square-foot retail property in Los Angeles. Mike Malick and Aria Pournazarian of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and buyer. The two-story property was fully leased at the time of sale.
ATLANTA — Silverspot Cinema has unveiled plans to open a 38,000-square-foot theater with multiple screens at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. Braves Development Co. (BDC) owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Silverspot Cinema will feature a full bar, in-theater dining and a range of programming and events, including The MET Opera Series; Broadway musicals and plays; rock concerts and symphonic orchestras; and Flashback Cinema, a film series that brings classic films back to the big screen. Gary Lewis of Gary Lewis & Associates Real Estate represented BDC in the lease negotiations. Naples, Fla.-based Silverspot will open the new theater at The Battery in 2019.
LOS ANGELES — Cushman & Wakefield as arranged the $22.9 million sale of a retail property located on Melrose Avenue in West Hollywood. Kazuko Morgan and Carine Mamann of Cushman & Wakefield arranged the transaction on behalf of the buyer, a joint venture between L3 Capital and Guggenheim Real Estate. David Ickovicks of Commercial Asset Group represented the seller, American Commercial Equities. The 11,295-square-foot property includes 18 parking spaces and is home to Theory, DASH and Serna & Lily.
SAN DIEGO — Gild Property Group has arranged the $4.3 million sale of a retail building located at 1065 5th Ave. in San Diego. Tony Gild of Gild Property Group arranged the transaction on behalf of the seller, Maman Family Trust. 1065 5th Avenue LLC acquired the 20,000-square-foot building.