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Cole Cos. Acquires Station Casinos HQ for $70M

LAS VEGAS-The Phoenix-based company acquires the headquarters of Station Casinos, which was recently taken private.

By Brian K. Miller | Updated on December 10, 2007

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.

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