Days after buying the 30-acre Freedom Center printing site, Bally’s has sold the land to a Chicago real estate investment firm.
— the former broadcast parent of Tribune Publishing.to raise money for the proposed casino. As part of the sale-leaseback deal, Bally’s entered into a 99-year ground lease with Oak Street, with 10 options to renew for 20 years each, according to a news release Monday.
While the firms did not disclose the specific terms, the initial lease rate is calculated to yield an 8.5% annual capitalization rate for Oak Street, according to the release. “With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets,” Bally’s CFO Bobby Lavan said in the release.
Founded in 2009, Oak Street Real Estate Capital specializes in sale-leasebacks and has $18.6 billion of assets under management, according to its website.
Bally’s owns and manages 15 casinos across 10 states. It made its entree into Illinois in June 2021 with the $120 million acquisition of Jumer’s Casino & Hotel in Rock Island, which it renamed Bally’s Quad Cities.to build the Chicago casino, which is expected to generate $200 million in annual tax revenue for the city.
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