It was recently revealed that an entity associated with Maverick Gaming, a Washington developer and owner of high-end hotels with gaming facilities, has officially sold its 21,624-square-foot Palace and Chips casino in Lakewood, Washington, for $27 million, or about $1.248 per square foot, to an entity associated with Oak Street Real Estate Capital, a private equity real estate firm based in Chicago, Illinois, according to Pierce County public records.

Palace and Chips casino layout:

Found at at 8108 and 8200 Tacoma Mall Blvd., the single-lot development includes two buildings of 7,817 square feet and 13,807 square feet, according to Pierce County records. In addition, the property is located on the east end of the city, just off the Interstate 5 ramp at South 84th Street, next to a 7-11. Looking at the property’s website, the casino offers gaming tables, a poker room, a bar and a restaurant.

During 2016, Maverick Gaming acquired the establishment for $4.5 million, or nearly $208 per square foot, Pierce County property records show.

Second casino sold by Maverick Gaming to a private real estate firm in Chicago:

In addition to this, there is another casino property purchased by Oak Street Real Estate Capital from Maverick Gaming in Lakewood. The 10,747-square-foot Macau Casino was bought by the firm for $22.1 million, or about $2,056 per square foot, last year, according to an earlier report from The Registry.

Additionally, that casino is found at 9811 S. Tacoma Way and is located on an approximately two acre lot just two miles north of Palace and Chips.

About:

Headquartered in Kirkland, Washington, Maverick Gaming owns and manages over 30 casinos, restaurants and hotels throughout Nevada, Washington and Colorado. It was founded and officially launched in 2017.

The company offers over 360 tables, 2700 slot machines, 1300 hotel rooms, 50 restaurants, with almost 3500 team members. Moreover, the company also manages Maverick Cares, an employee-led “good neighbor” program that partners with other community organizations to provide support to people in need.

Headquartered in Chicago, Illinois, Oak Street Real Estate Capital is a leading private equity real estate firm as mentioned above. It offers flexible and one-of-a-kind capital solutions to many corporations and other organizations. Furthermore, it manages both commingled funds and segregated accounts on behalf of institutional and high net worth investors, involving public and corporate pension plans, insurance companies, family offices and endowments. Additionally, the company is a minority and women-owned business enterprise.

Its core Net Lease real estate strategies focus on the acquisition single-tenant properties, in the industrial, prime retail and office sectors, from long-term to investment leases and creditworthy tenants.