One of the firm's high-revenue generators, Ambler Bingo, is located in the seven-acre center. The buy includes a 22,000-sf pad site that is up for sale.
Littlefield is providing 75% of the purchase price, according to a company statement. The financials call for a 12% investment return and a 22% return on invested equity.
Jeffrey L. Minch, Littlefield's president, says the acquisition will facilitate savings over the long-term. And, he says, it will open the door to another bingo hall on the same site.
Littlefield bills itself as the nation's largest operator of charitable bingo halls and has been on a moderate buying spree since fall 2000. Its holdings are concentrated in Alabama, South Carolina and Texas. In early 2000, the corporation had relocated its headquarters from West Columbia, SC to Austin.
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