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LAS VEGAS-The Cole Cos. has acquired the corporate headquarters of Station Casinos, the locals’ casino operator recently taken private in an $8.9-bilion transaction. Phoenix-based Cole paid $70.3 million for the 138,558-sf (net rentable) property and concurrently leased it back to Station Casinos for 20 years.

Station Casinos headquarters is located in the master-planned community of Summerlin on the western edge of the Las Vegas Valley. The property sits at 11011 S. Pavilion Center Dr., adjacent to Station Casinos’ newest gaming asset, the Red Rock Casino Resort and Spa.

Cole announced the acquisition on Monday, Dec. 10. The sale occurred right around the close of the merger in early November, according to Clark County records. The value of the triple-net lease-back was not immediately available.

The seller was the new owner of Station Casinos, Fertitta Colony Partners LLC, a joint venture of the Fertitta family that started the company and Los Angeles-based Colony Capital, which owns the Las Vegas Hilton. Its acquisition of Station Casinos–the largest ever private-equity buyout of a Nevada gaming company–included the acquisition of $5.4 billion of stock ($90 per share) and the assumption of $3.4 billion in debt.

Fertitta Colony Partners is controlled by Station Casinos chairman/chief executive Frank Fertitta III, vice-chairman/president Lorenzo Fertitta and Colony Capital founder/chairman/chief executive Tom Barrack. The Fertitta brothers continue to handle the day-to-day operations of the company.

The Fertittas’ father started Station Casinos in 1976. It went public in 1993. With the privatization, Colony Capital now owns approximately 75% of the Station Casinos while the Fertitta brothers, their sister and her husband own the remainder.

Colony Capital is one of only a few private investment firms licensed in gaming. In addition to the Las Vegas Hilton, it own owns Resorts International Atlantic City, Resorts East Chicago, Resorts Tunica, Atlantic City Hilton and Bally’s. Colony also is a partner in Accor Casinos in Europe.

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