Boston-Area Casino Trades for $10M
The 23.5-acre site originally served as a jai alai arena and was redeveloped into a casino in 2008. The new ownership plans to redevelop the property into a mixed-use development as soon as the casino relocates later this year.
By Tudor Scolca
Newport Grand Development Site
The Newport Grand casino, in Newport, R.I., has changed hands for $10.2 million. The Rhode Island-based Carpionato Group acquired the property from Twin River Management Group. A team from NKF Capital Markets worked in conjunction with Paolino Properties to close the transaction.
The 23.5-acre site initially served as a jai alai arena, with the first slot machines added in 1992. In 2008 it was completely renovated into a full casino. New ownership plans to redevelop the site once again into a mixed-use project, after the gaming facility relocates to Tiverton, R.I., later this year.
The casino is located at 150 Admiral Kalbfus Road, in a densely populated area, with 97,300 people living within a 10-mile radius. Newport receives an annual influx of about 3.5 million tourists. The casino features regular community events, weekly concerts and shows at its event center, a cocktail lounge and a restaurant.
“Newport Grand is well positioned for redevelopment into a vibrant mixed-use destination. The property represents a truly generational opportunity in a high barrier-to-entry market,” said Justin Smith, managing director at NKF, in a prepared statement.
Smith was joined by Executive Managing Director Geoffrey Millerd and Financial Analyst Samantha Torto in executing the transaction.
Image courtesy of NKF
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