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Penn National Gaming set to launch new San Diego facility

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* Penn National Gaming Inc. said the Hollywood Casino Jamul – San Diego gaming facility will open Oct. 10. Penn, which developed the facility on behalf of the Jamul Indian Village of California, has gained the final nod from the National Indian Gaming Commission to manage the facility. Jamul Indian Village plans to proceed with the roughly $460 million refinancing of the project, which will feature more than 1,700 slot machines, 43 live table games and eight dining and entertainment venues.

* Agree Realty Corp. launched three projects scattered across Boynton Beach, Fla.; Georgetown, Ky.; and Hamilton, Mont., via its development and partner capital solutions programs for an aggregate cost of about $14.5 million.

The Boynton Beach project comprises a 16,000-square-foot expansion, as well as an adaptive reuse of the existing 20,745-square-foot building. Agree Realty has entered into a new 15-year net lease with an unnamed home improvement retailer to occupy the entire building upon completion.

For the Georgetown project, the company will develop a new 30,731-square-foot building for Camping World, which has signed a new 20-year net lease.

In Hamilton, the company closed on a land parcel where construction has started on a Burger King restaurant, representing the third project in Agree Realty's partnership with Meridian Restaurants to develop up to 10 Burger King sites. Meridian has executed a new 20-year net lease and rent is expected to start by 2016-end.

* Duke Realty Corp. broke ground for the next phase of the UNC REX Healthcare of Holly Springs campus in North Carolina. The three-story, 45,000-­square-­foot expansion, located at 617 Avent Ferry Rd. on the campus, will be attached to the existing medical office building with a three-story glass atrium. Duke Realty will develop, finance, own and manage the new space, which will be fully leased by UNC REX. The project will more than double the facility's size, and is expected to be completed in December 2017.

Additional coverage

H&R REIT selling half stake in Canadian Tower for C$257M: The nonmanaging interest is being sold to a wholly owned unit of Healthcare of Ontario Pension Plan.