REBusinessOnline

West Virginia Enters Next Phase of State’s Reopening Plan, Including Movie Theaters and Casinos

CHARLESTON, W.VA. — West Virginia Gov. Jim Justice on Friday allowed movie theaters and casinos in the state to reopen. Theaters are required to operate with social distancing guidelines in place, including limiting the theater occupancy that will allow for proper distancing, adjusting common area layouts to allow for a six-foot distance between patrons who do not live together, encouraging all patrons and employees to wear personal protective equipment (PPE) and encouraging patrons to …

Uber Capital Arranges $11M Acquisition Loan for Shopping Center in Logan, West Virginia

LOGAN, W.VA. — Uber Capital Group has arranged an $11 million acquisition loan for Fountain Place Shopping Center, a 226,096-square-foot retail property in Logan. The five-year loan features a fixed 4.5 percent interest rate and a 20-year amortization schedule. Fountain Place was built in 1997 at 1103 George Kostas Drive, four miles west of downtown Logan. At the time of sale, the property was leased to tenants including anchors Lowe’s Home Improvement and Walmart Supercenter, as well as …

Sentinel Net Lease Acquires Amazon Customer Service Center in West Virginia for $16.9M

HUNTINGTON, W.VA. — Sentinel Net Lease has acquired a 68,693-square-foot Amazon Customer Service Center in Huntington for $16.9 million. An affiliate of Lexington Realty Trust sold the office property, which spans 7.9 acres within Kinetic Park. Amazon has seven years remaining on its lease, as well as four five-year renewal options, according to CBRE. The 105-acre park is situated four miles south of downtown Huntington. According to public records, Wesbanco Bank Inc. provided an $11.8 …

The Terrible T’s of Inventory: Timing and Taxes

Inventory taxes pose an additional cost of doing business in more than a dozen states, and despite efforts to mitigate the competitive disadvantage the practice creates for many taxpayers, policymakers have yet to propose an equitable fix. Virtually all states employ a property tax at the state or local level. The most common target is real property, which is land and land improvements; and tangible personal property such as fixtures, machinery and equipment. [caption …

VICI Properties Acquires Three Casinos in Missouri, West Virginia for $278M

CAPE GIRARDEAU, MO., CARUTHERSVILLE, MO., AND NEW CUMBERLAND, W.V. — VICI Properties Inc. (NYSE: VICI), a New York City-based REIT that specializes in casinos, has acquired three such properties in Missouri and West Virginia. Eldorado Resorts Inc. sold the assets for $278 million in an all-cash deal. In Missouri, Isle Casino Cape Girardeau is located in Cape Girardeau in the southern part of the state, while Lady Luck Casino is a riverboat casino in Caruthersville, located even further …

Heidenberg, Strategic Real Estate Open 22,000 SF Marshalls Within Potomac Marketplace in West Virginia

RANSON, W.VA. — Heidenberg Properties Group and Strategic Real Estate Partners have opened the 22,000-square-foot Marshalls at The Potomac Marketplace in Ranson. In March, the two companies announced they reached a leasing agreement with The TJX Cos., the parent company of Marshalls, and would need to immediately expand the center between Kohl’s and Petco. The center now spans 379,000 square feet following the expansion. Marshalls joins other retail tenants such as AT&T, Weis Markets, …

Palomar Group Trades 135,804 SF, Kroger-Anchored Shopping Center in Oak Hill, West Virginia

OAK HILL, W.VA. — The Palomar Group has sold Fayette Square, a 135,804-square-foot, Kroger-anchored shopping center in Oak Hill. The property was 92 percent leased at the time of sale to tenants including Kroger, Goodwill, Burger King, Big Lots, Sherwin Williams, Anytime Fitness and AutoZone. Kroger recently renewed its lease for another five-year term at the location, which is situated three miles north of downtown Oak Hill. The buyer and sales price were not

MedProperties Acquires Medical Office Portfolio Totaling 112,212 SF in West Virginia, Ohio

VIENNA, W.VA. AND BELPRE, OHIO — MedProperties Realty Advisors LLC has acquired a 92,212-square-foot medical office building (MOB) in Vienna and a two-building MOB/ambulatory surgery center spanning 20,000 square feet in neighboring Belpre. Both properties are leased to the West Virginia University (WVU) Health System and upon closing of the sale, WVU entered into a new 15-year lease at both properties. In Vienna, the two-story MOB was originally built in 1982, renovated in 2009 and expanded …

Marcus & Millichap Negotiates $9.6M Sale of Apartment Complex in West Virginia

MARTINSBURG, W.VA. — Marcus & Millichap has negotiated the $9.6 million sale of Shenandoah Village, a 143-unit apartment complex in Martinsburg. The property was built in 1973 and offers one- and two-bedroom floor plans. Dana Newton and Mike Maxwell of Marcus & Millichap represented the buyer and seller, both undisclosed limited liability companies, in the

Busy Beaver to Open Fourth West Virginia Location in April

ELKINS, W.VA. — Busy Beaver, a home improvement store, will open a location in Elkins, West Virginia on April 10. The 33,000-square-foot store will be its fourth in the state. It will be situated at 731 Beverly Pike and will feature a lumber yard and farm and ranch departments. The new site will house 20 full-time and 10 to 15 part-time employees. This is Busy Beaver’s 22nd location, with three stores in Ohio and 15 in western Pennsylvania. …

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