West Virginia

MORGANTOWN, W.VA. — Hibbett Sports has opened a 5,600-square-foot store within Morgantown Mall. The Birmingham, Ala.-based sports retailer offers brands such as Nike, Under Armour, Jordan, The North Face and Adidas. The new location implements the company’s new store design, which features an open concept, phone charging stations and other amenities for customers to experience. The mall location also offers online, pick-up in-store and curbside pick-up shopping options. Morgantown Mall is located at 9235 Mall Road, three miles southwest of downtown Morgantown and three miles south of West Virginia University.

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MARTINSBURG, W.VA. — Marcus & Millichap has arranged the $10 million sale of Elmtree Townhouse Apartments, a 97-unit multifamily community in Martinsburg. The property, which is two stories tall and was built in 2006, offers two- and three-bedroom floor plans. The asset is situated at 125 Winslow Drive, four miles north of downtown Martinsburg and five miles from the West Virginia-Maryland border. Marcus & Millichap’s Dana Newton and Mike Maxwell, along with the firm’s broker of record Francis McGuire, represented both the buyer and seller, undisclosed private investors, in the transaction.

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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 purchase tickets in advance to limit cash transactions. For casinos, occupancy must be limited to 50 percent capacity based on the fire code. Furthermore, operators must adjust the layout of the casino to implement social distancing of at least six feet between individuals who do not live together, limit the number of players at tables to allow for social distancing and close common areas where employees or players may congregate. Justice also approved the state’s plans for reopening adult sports facilities, including indoor tennis courts, racquetball courts, outdoor basketball courts and similar venues beginning today. Youth sports practices may also resume today. Private campgrounds and state park campgrounds, cabins and lodges will open to out of state guests beginning Wednesday, June 10.

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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 Rue 21, Burkes Outlet, Shoe Show Mega Store, Dollar Tree, Southern West Virginia Health System, Appalachian Regional Healthcare and McCoy Dental. A regional lender based in Virginia provided the loan to the undisclosed borrower, a private investor based in New York.

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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 million acquisition loan to the buyer. Will Pike of CBRE represented the seller in the transaction, and Matson Kane and Teddy Leonard of Sands Investment Group represented the buyer.

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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. Nine states also tax business inventory. These include Texas, Louisiana, Oklahoma, Arkansas, Mississippi, Kentucky, West Virginia, Maryland and Vermont. Another four states — Alaska, Michigan, Georgia and Massachusetts — partially tax inventory. In these 13 states, inventory tax contributes a significant portion of overall property tax collections. From a policy standpoint, however, inventory tax is probably the least defensible form of property tax: It is the least transparent of business taxes; is “non-neutral,” as businesses with larger inventories, such as retailers and manufacturers pay more; and it adds insult to injury for businesses whose inventory is out of sync with finicky consumer buying habits. Few fixes Taxpayers have had few options in attempting to reduce inventory tax liability because an inventory’s valuation is seldom easily disputed. So, …

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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 south near the Tennessee-Missouri border. Both cities are situated along the Mississippi River. In West Virginia, Mountaineer Casino, Racetrack & Resort is in New Cumberland, a city situated along the Ohio River in the northern part of the state. Isle Casino opened in 2012 and features 41,500 square feet of casino space, three dining venues, a pavilion and an entertainment center. Lady Luck opened 1995 and consists of a dockside casino spanning 21,500 square feet, two restaurants and a 40,000-square-foot pavilion. Mountaineer opened as a racetrack and resort in 1951. The casino debuted in 1994 and offers a 357-room hotel, five dining venues, 1,486 gaming machines and 36 table games. VICI Properties has also entered into an agreement with Colorado-based Century Casinos …

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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, Kohl’s, Petco and The Home Depot.

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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 disclosed.

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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 by 32,000 square feet in 2012. Tenants include a variety of medical services and specialties, including family medicine; orthopedics; ear, nose and throat specialists; dialysis; and imaging. The building is situated at 800 Grand Central Mall, three miles from the Ohio-West Virginia border and four miles from the Belpre assets. The Belpre properties were built in 1960 and renovated in 2007, 2010 and 2012. Capital One provided acquisition financing to MedProperties. The seller and sales prices were not disclosed.

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