Wednesday, October 30, 2013

Mitchell Enterprises Acquires Atlantic City Beachhead

Mitchell Enterprises, a New Jersey-based development firm, recently closed on the acquisition of a 19.5-acre development parcel fronting Atlantic City's famed boardwalk that was once the site of the former Sands Casino Hotel. The site, which currently contains several small retail structures and an 80-room hotel, sold for $30.6 million. 

The seller, Pinnacle Entertainment Inc., is a Las Vegas-based casino operator. Pinnacle acquired The Sands Casino Hotel in 2006 and demolished the 21-story structure in October 2007 with plans to build a $2 billion casino on the site. Plans for future development were halted due to the poor economy. 

Pinnacle has been divesting properties as it seeks regulatory approval and arranging financing for its planned acquisition of Ameristar Casinos. In a filing with the Securities and Exchange Commission, Pinnacle confirmed it had agreed to dispose of its land holdings in Atlantic City for total consideration of approximately $30.6 million in a transaction that was expected to close by the end of the 2013 third quarter. 

The properties involved in the sale include 118, S New York Ave., 150 S Kentucky Ave., 1714 Atlantic Ave., 1621 Boardwalk, 1723 Boardwalk, 1649 Boardwalk, 1701 Boardwalk and 1637 Boardwalk, along with the 19.5 acres on Atlantic Ave.

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