SEARCH NEWS:

 

Cole Companies acquires Station Casinos headquarters for $70 million in sale leaseback deal

"With new construction in a strong trade area, poised for 24% projected growth in the next five years, we see this as a great addition to our diversified portfolio of high quality assets," said Michael Stubben, Director of Portfolio Management at Cole Companies. Summerlin has a medium household income of $96,000.

The Station Casinos headquarters sits adjacent to one of its 15 facilities, the Red Rock Casino Resort and Spa. More than 80% of the population base in the Las Vegas metropolitan area lives within a 5-mile radius of one of the Company's entities. Station Casinos employs approximately 14,000 team members.

Summerlin is a 23,400 acre master-planned community being built by The Howard Hughes Corporation (a General Growth Properties affiliate) along the western rim of the Las Vegas Valley near the Spring Mountains and Red Rock Canyon National Conservation Area. It includes a variety of land uses, including: residential, commercial, recreational, educational, medical, and open space. As of December 2003, Summerlin's population was 84,350. Summerlin is named after Howard Hughes' grandmother, Jean Amelia Summerlin.

About Cole

Cole is a leading real estate investment management firm that is focused on the acquisition of quality commercial real estate.

About Station Casinos, Inc. Station Casinos, Inc. is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station's properties are regional entertainment destinations and include various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering.

< Gaming News