News: Front Section
Posted: May 18, 2018
NKF Capital Markets orchestrates $10.15 million sale of Newport Grand - Twin River Management Group sells the 23.5-acre site to Carpionato Group
Newport, RI NKF Capital Markets has completed the sale of Newport Grand to Carpionato Group for $10.15 million. Executive managing director Geoffrey Millerd, managing director Justin Smith and financial analyst Samantha Torto of NKF Capital Markets, which is led by co-head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 23.5-acre site in conjunction with Joseph Paolino of Paolino Properties on behalf of Twin River Management Group.
Initially serving as an arena for Jai Alai, a popular handball game that originated in Spain, Newport Grand added slot machines in 1992 and was renovated into its present casino in 2008. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, later this year.
“Featuring an exceptional location at the gateway into Newport, Newport Grand is well positioned for redevelopment into a vibrant mixed-use destination,” said Smith. “The property represents a truly generational opportunity in a high barrier-to-entry market.”
Situated along Narragansett Bay, the town is a picturesque coastal community and popular tourist destination.
Newport Grand therefore benefits from three-, five- and 10-mile population counts of 38,700, 49,800 and 97,300 people, respectively, with corresponding average household incomes of $88,700, $97,500 and $103,600 bolstered by the city’s more than 3.5 million annual visitors.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Quick Hits
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: