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Boston & New England  + Metro Boston  + Hospitality  | 
Realty Income Corporation has closed on its $1.7-billion sale-leaseback of the land and real estate assets of Encore Boston Harbor Resort and Casino in Everett, MA from Wynn Resorts, Limited.

Realty Income Completes $1.7B Sale-Leaseback of Encore Boston Harbor

San Diego, CA-based Realty Income Corporation has closed on its $1.7-billion sale-leaseback of the land and real estate assets of Encore Boston Harbor Resort and Casino in Everett, MA from Wynn Resorts, Limited.

The sale represents a 5.9% cap rate. The lease will have an initial total annual rent of $100 million and an initial term of 30 years, with one 30-year tenant renewal option.

Following the completion of the transaction, Wynn Resorts, Limited will continue to operate the gaming integrated resort operations of Encore Boston Harbor subject to a triple net lease with Realty Income.

Wynn will retain its 13-acre developable land assemblage on the east side of Broadway in Everett, on a portion of which the company plans to construct an expansion. 

The transaction represents Realty Income’s first acquisition in the gaming industry.

Realty Income is structured as a real estate investment trust, and its monthly dividends are supported by the cash flow from over 11,700 real estate properties owned under long-term net lease agreements with commercial clients.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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