In February 2024, Greenwood Racing Inc., owner of Parx Casino, purchased two office buildings in Bensalem for $12.5 million. These buildings are part of the Greenwood Square Corporate Center. Two Greenwood Square is four stories high and consists of 81,575 square feet. Three Greenwood Square consists of two stories high and is 25,000 square feet.
The buildings
The late-1980s buildings are situated at 3329 and 3331 Street Road in Bensalem, Pennsylvania. They are adjacent to the 260,000-square-foot Parx Casino, the largest land-based casino in the state.
Parx Casino is not just a land-based casino but has ventured into online gaming and sports betting, too. It is also well-known for its betPARX app which offers iGaming and online sports betting. Players can use the app to play online casino games in several U.S. states.
The sale
Brookwood Financial, a private equity investment firm based in Massachusetts, handled the sale. The firm specializes in acquiring and managing commercial real estate. The cost of the acquisition was $117 per square foot. Businesses like Greenwood, that purchase commercial property, need a risk management policy in real estate. No future redevelopment plans were included in the sale of the buildings.
Current development at Parx
Greenwood is currently busy with various projects. One of them is erecting a 13-story hotel, which will link directly to Parx Casino via a walkway. The plans were presented to the Bensalem Town Council in March 2023. After the groundbreaking ceremony, progress seemed to stall. The construction of such large projects always has delays due to problems such as supply chain issues or labor shortages.
The target for completion of the hotel was 2025, and it was recently confirmed that the project is on track and the hotel launch will take place that date. The hotel will have standard guest rooms and suites, two restaurants, and a large banquet hall. One of the dining venues will be on the rooftop. An outdoor lawn will be available for events like weddings, and the hotel will also have a coffee shop, fitness center, and a spa. The enterprise could help to drive economic growth in Lower Bucks County.
Expansion
Greenwood Racing Inc. relies on the real estate market forecast when expanding its holdings. The company behind Parx Casino is now embarking on ambitious projects while keeping a close eye on the economy.
Since Parx Casino opened its doors in 2006, millions have been invested in enhancements and upgrades. One of these was the addition of the Xcite Center, which brings musical acts and comedy shows to Bensalem. Another was the addition of sports betting. Parx has over 3,000 slot machines, live table games, and a 48-table poker room. Its sportsbook features a massive HD video wall that displays games and a bar with cocktails, wines, and beers.
The current developments will ensure that Parx continues to be one of the largest and most popular casinos in Pennsylvania.
