SOURCE: Titan Commercial

Titan Commercial

April 12, 2010 13:44 ET

Titan Commercial Completes Deal Enabling Midwest Gaming to Utilize Last Remaining Casino License in Illinois

CHICAGO, IL--(Marketwire - April 12, 2010) - Titan Commercial, a commercial real estate brokerage firm affiliated with Magellan Development Group, today announces the completion of a deal coordinated with Midwest Gaming, Marc Realty and Revere Mills International Group that has enabled Midwest Gaming to utilize the last remaining casino license in Illinois. Midwest Gaming, a company controlled by real estate mogul Neil Bluhm, is set to build a casino at 3000 River Road in Des Plaines, Ill. after executing both its options to purchase and terminate the current lease of Revere Mills at the site.

Ben Rosenfield, Principal of Titan Commercial, was retained by landlord Marc Realty to assist in the renegotiation of Midwest Gaming's right to purchase the site after successfully negotiating the lease and termination agreements of Revere Mills in 2004 and again at the lease option expiration in 2009. As part of the coordination Rosenfield assisted in the crucial relocation of Revere Mills to a 10,000 sq. ft. new office at 2840 River Road in Des Plaines, Ill. and a 182,000 sq. ft. warehouse in Greenville, S.C. The moves will be taking place in May 2010.

"The negotiations that took place in this transaction involved multiple parties and were at times complex. The market expertise that was brought by Titan Commercial was able to advance this deal to completion while maintaining the needs of all entities involved," said Marc Realty Vice President Gerald Nudo, a beneficiary of the trust that owned the property.

Midwest Gaming was awarded the 10th and last Illinois casino license in December 2008 and plans on breaking ground in June 2010. The newly acquired property will feature a 50,000 sq. ft. casino in a 200,000 sq. ft. facility and has future plans of hotels, retail stores, restaurants and entertainment venues being built near the property.

"Deals that affect the entire economic situation of a state are few and far between," said Rosenfield. "The new casino will bring a much needed influx of capital to Illinois."

Titan Commercial specializes in the acquisition, leasing and disposition of commercial real estate properties. The full-service firm is active in representing tenants, landlords, sellers and purchasers of properties nationwide. For more information, visit www.titancommercialrealestate.com.

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