ROBINSONVILLE, MISS. — Penn National Gaming Inc., a Pennsylvania-based racetrack and casino operator, has entered into a deal to acquire Bally’s Casino Tunica and Resorts Casino Tunica for $44 million in cash, according to the Memphis Business Journal. Bally’s Casino Tunica features a 40,000-square-foot casino and a 238-room hotel; Resorts Casino Tunica features a 35,000-square-foot casino and a 201-room hotel. Both properties are located in Robinsonville, Miss., approximately 30 miles southwest of Memphis.
WASHINGTON, D.C. — The National Housing Partnership Foundation (NHPF) has purchased Takoma Place Apartments, a seven-building, 105-unit complex located at 6676 Georgia Ave. in Washington, D.C. The Department of Housing and Community Development committed $13.7 million to the $16 million transaction. Citibank and the undisclosed seller also provided bridge financing for the property.
OOLTEWAH, TENN. — Cushman & Wakefield has arranged the sale of Village at Apison Pike, a 248-unit apartment community located at 8605 Tradewind Circle in Ooltewah, an eastern suburb of Chattanooga. Built in 2015, the property features a resort-style pool, fitness center, outdoor lounge and a pet park. Robert Stickel and Jimmy Adams of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. The representative of the buyer, Hudson Capital Properties, was not disclosed.
TAMPA, FLA. — Amgen, a California-based biopharmaceutical company, has leased 125,000 square feet of office space at Corporate Center, a 1.2 million-square-foot office building in the Tampa submarket of Westshore. Located at 2202 N. Westshore Blvd., the Class A property will house Amgen’s new, 450-employee business support center. Cousins Properties Inc., an Atlanta-based REIT that primarily invests in Class A office towers, represented Amgen in the transaction.
ORLANDO, FLA. — Darden Restaurants has agreed to purchase Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction. Cheddar’s was founded in 1979 in Arlington, Texas, and now has 165 locations, including 140 owned and 25 franchised, across 28 states with average annual restaurant volumes of $4.4 million. “We are excited about the opportunity to be a part of Darden,” says Ian Baines, CEO and president of Cheddar’s. “Our operating philosophy and values are similar. Additionally, Darden’s expertise will enable us to further capitalize on our growth potential.” Baines will remain as president of Cheddar’s. He will report to Gene Lee, Darden’s president and CEO. The transaction is expected to be complete in Darden’s fiscal 2017 fourth quarter. It is subject to customary closing conditions. “Cheddar’s is a great fit in the Darden portfolio because it complements our existing brands,” says Lee. “This addition will also enable Darden to further strengthen two of our most important competitive advantages: our significant scale and our extensive data and insights.” Orlando, Fla.-based Darden Restaurants Inc. owns and operates more than 1,500 restaurants. Darden’s portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.
NORCROSS, GA. — Berkeley Partners has received a $22.5 million loan for the refinancing of a five-property, 20-building industrial portfolio in Norcross. Totaling 605,274 square feet, the portfolio comprises six buildings in Gwinnett Gateway (1710 Wilwat Drive); three buildings in Gateway Business Park I (6500 McDonough Drive); five buildings in Gateway Business Park II (6000 Dawson Blvd.); and five buildings in Atlantic Business Center (6400 Atlantic Blvd.), all of which are located in Norcross in the Northeast Atlanta industrial submarket. Additionally, the portfolio includes the one-building Five Points Business Center (1600 Roswell St. Southeast), which is located in the Northwest Atlanta industrial submarket. The properties are leased to 150 tenants. HFF arranged the five-year loan with a regional bank. Jeff Sause, Kevin Mackenzie and Gregg Shapiro of HFF represented Berkeley Partners in the loan transaction.
ATLANTA — Arden Group, through its affiliate Arden Real Estate Partners II, has acquired the Sheraton Atlanta Hotel for an undisclosed price. The recently renovated, 763-room hotel includes over 100,000 square feet of event and meeting space, as well as an indoor-outdoor swimming pool, garden courtyard with retractable glass roof, fitness center, business center and two restaurants. Arden plans to invest $7 million in renovations to the hotel, which will add to the $15 million that the previous owners completed in 2016. JLL arranged the sale. HEI Hotels & Resorts will manage the property.
BOCA RATON, FLA. — Berger Commercial Realty/CORFAC International has arranged a 53,139-square-foot industrial lease for a pharmaceutical logistics company in Boca Raton. WDSrx-Woodfield Distribution LLC will occupy the space at 6500 Park of Commerce Blvd. The 83,000-square-foot building offers 24-foot clear heights, dock loading areas and access to I-95. Exeter 6500-6500 Park of Commerce LLC owns the property. Michael Feuerman of Berger arranged the lease on behalf of WDSrx, which operates facilities in Boca Raton, Pompano Beach and Sugar Land, Texas. This will be the company’s second location in Boca Raton.
SEMINOLE, FLA., AND MARIETTA, GA. — Studio Movie Grill, a dine-in theater chain, has planned two new locations in the Southeast: in the Tampa suburb of Seminole and the Atlanta suburb of Marietta. Both locations are scheduled to open before the end of 2017. Studio Movie Grill offers food, beer, wine and spirits while screening movies, concerts, sporting events and promotions. The company currently has 24 locations in nine states.
ATLANTA — Cushman & Wakefield represented NorthPoint Executive Suites in signing a 23,222-square-foot lease to occupy a full floor at One Atlantic Center located in Atlanta’s Midtown submarket. Cushman & Wakefield’s Boris Garbuz represented NorthPoint Executive Suites in the transaction. NorthPoint Executive Suites will offer upscale executive office suites and conference rooms, targeting attorneys and other professional services.