The Real Deal - New York Real Estate News

Bally’s buys Las Vegas’ Tropicana casino for $150M

Posted: 17 Apr 2021 11:00 AM PDT

Bally’s is making a bet on the Tropicana Hotel & Casino in Las Vegas. Bally’s agreed to buy the operations business for the hotel and casino, while the REIT Gaming & Leisure would retain its ownership of the property itself and continue to collect rent, Bloomberg News reported. Bally’s has been on an acquisition streak lately, having recently struck a $2.7 billion deal to buy online gaming company Gamesys Group Plc. But this would be

Macerich unloads Phoenix mall for $100M; redevelopment awaits

Posted: 17 Apr 2021 09:00 AM PDT

Macerich Company has sold a Phoenix mall for $100 million, as the mall REIT continues to battle back from a withering year of losses. The buyer is a joint venture affiliated with Red Development, according to the Los Angeles Business Journal. Santa Monica-based Macerich retained a 5 percent interest in the JV, which plans to redevelop the Paradise Valley Mall, on property that encompasses 92 acres, into a mixed-use complex. The redevelopment plan includes adding

Brookfield’s US malls are struggling. Now it’s buying some in Europe

Posted: 17 Apr 2021 06:00 AM PDT

The pandemic has pummeled malls across the U.S., including many controlled by Brookfield Asset Management. But Brookfield still sees in a future in the properties, at least across the Atlantic Ocean. The firm has agreed to buy a portfolio of seven shopping centers from struggling U.K. mall giant Hammerson. Bloomberg reported the news, citing the British paper, the Sunday Times. Brookfield will pay the equivalent of $479 million for the seven properties. Hammerson owns malls