Oct. 23, 2009 (PR Newswire) --
MCLEAN, Va., Oct. 23 /PRNewswire/ -- Fraser Forbes Real Estate Services, a fullservice real estate firm in Washington, DC, announced today that Penn Cecil Maryland, Inc., a wholly-owned subsidiary of Penn National Gaming, who has been selected by the Maryland Video Lottery Location Commission to develop and manage a video lottery terminal (VLT) facility in Cecil County, purchased approximately 36 acres of land located in Perryville, from Principio Iron Company L.P for $14.6 Million. Fraser Forbes agent Steve Efantis and CEO Rich Samit represented the buyer. Penn National plans to commence construction of a $97.5 million Hollywood-themed facility, inclusive of licensing fees, with 75,000 square feet of gaming space, 1,500 VLTs, food and beverage offerings and extensive parking. The facility is expected to open to the public in late 2010.
"We are very pleased to have been involved in this exciting transaction as we believe it will yield great benefits for the citizens of the State of Maryland, the stockholders of Penn National Gaming and the Principio Iron Company," says Fraser Forbes CEO Rich Samit.
About Fraser Forbes
Founded in 1995, Fraser Forbes Real Estate Services (http://www.fraserforbes.com) is the premier, full-service real estate firm in the DC/VA/Baltimore metro area market, specializing in land. The two principals of the firm have over 50 years of experience. The company's service groups include Land Sales, Financing Services, Management Services and Advisory Services. Fraser Forbes has consummated over 400 land transactions valued at in excess of $3 billion including over 30,000 residential lots and land entitled for in excess of 5 million square feet of commercial development. Whether representing clients buying and selling raw land for future development, brokering real
estate transactions slated for office, retail, hotel and industrial uses, or rendering financing advisory and management services, Fraser Forbes empowers its clients to earn the highest returns on their investments.
SOURCE Fraser Forbes Real Estate Services
