This Week's South Florida Deal Sheet
ACQUISITIONS
Wind Creek Hospitality, an affiliate of PCI Gaming, is slated to acquire Magic City Casino in a deal valued at $600M.
The Florida Gaming Control Commission approved the transfer of the gaming license and other assets to Wind Creek Hospitality on Wednesday, the South Florida Business Journal reports.
The transaction is set to close this spring. By the end of the year, Wind Creek plans to offer a redesigned, dynamic loyalty program strategy.
***
National Realty Investment Advisors acquired a site in Flagler Village.
The New Jersey-based developer purchased a 0.7-acre site for $9.3M at 203-215 Northeast Third St., according to a statement shared with Bisnow.
The land was acquired for $1.2M in two deals back in 2012 and 2017, The Real Deal reports.
Last year, National Realty purchased the site across the street for $9.8M at 200-210 Northeast Third St.
Native Realty’s Jaime Sturgis and Dan Ross represented the seller in both deals. Greg Greer of CRR of South Florida represented the buyer in both deals.
***
Blue Suede Hospitality Group acquired a vintage South Beach Plaza Hotel.
The historic Miami Beach hotel sold for $26.5M, Commercial Observer reports.
The property is 33K SF with 79 rooms spread between two buildings. The hotel is located at 1401 Collins Ave. facing 14th Street. The beach and Lummus Park are walking distance away.
Last September, two other iconic resorts on South Beach were sold.
The 96-room, Hilton Garden sold for $28M. The property is located at 2940 Collins Ave. The Red South Beach Hotel, located at 3010 Collins Ave., sold for $33M.
EXECS
Stacey Berger has joined nxtCRE as an adviser. NxtCRE matches CRE sellers with equity seeking 1031 exchanges.
Berger has 40 years of experience in real estate finance including 33 years with PNC, most recently as executive vice president of Midland Loan Services. He co-founded Hope Housing Partners in New Orleans to repurpose real estate and is an executive in residence and adjunct professor at the Albert Lepage Center for Entrepreneurship and Innovation at Tulane University's Freeman School of Business.
