By Kate Snyder
Another property has traded hands in Lakewood, involving the same buyer and seller of a casino building that sold in the city last year. The 21,624 square foot Palace and Chips was purchased for $27 million, or about $1,248 per square foot, according to Pierce County public records. The seller was an entity affiliated with Maverick Gaming, and the buyer was an entity affiliated with Oak Street Real Estate Capital, which is based in Chicago, Ill.
According to information from Maverick Gaming, the firm entered into a leaseback agreement with Oak Street and will continue operating the casino.
Located at 8108 and 8200 Tacoma Mall Blvd., the single-parcel property consists of two buildings at 7,817 square feet and 13,807 square feet, Pierce County records show. The structure sits on the east end of the city, just off the Interstate 5 ramp at South 84th Street, neighboring a 7-11. According to the property’s website, the casino features gaming tables, a poker room and a bar and restaurant.
In 2016, Maverick Gaming purchased the property for $4.5 million, or about $208 per square foot, according to Pierce County property records.
This is the second casino property that Oak Street Real Estate Capital has purchased from Maverick Gaming in Lakewood. Last year, Oak Street bought the 10,747 square foot Macau Casino for $22.1 million, or about $2,056 per square foot, according to previous reporting from The Registry. That property is located at 9811 S. Tacoma Way and sits on a roughly two-acre parcel just two miles north of Palace and Chips.
Headquartered in Kirkland, Maverick Gaming owns and operates more than 30 casinos, restaurants and hotels across Nevada, Washington and Colorado, according to the firm’s website. The firm was founded in 2017, and Maverick Gaming assets total more than 360 tables, 2700 slot machines, 1300 hotel rooms, 50 restaurants and approximately 3500 team members. The firm also operates Maverick Cares, an employee-led “good neighbor” program that partners with other community-based organizations to support people in need.