King of events, Lombardo's, has officially been sold. What is happening there now?

RANDOLPH − Lombardo’s, the long-beloved event space and home of Vincent’s Nightclub, has been sold.

Two Boston-based companies, Core Investments Inc. and Yankee Line, plan to develop the property together.

On Jan. 31, a limited liability company linked to Core Investments, a real estate development and investment company, paid $16.5 million for the 6 acres at 6 Billings St. and 493 High St., according to the Norfolk County Registry of Deeds.

One day later, the properties were transferred to Randolph Transportation Realty, a limited liability company associated with charter bus company Yankee Line, for $24.6 million, according to a deed. The manager of that limited liability company is Donald Dunham, co-founder of Yankee Line. The reason for the increased sale price was unclear. Representatives for Randolph Transportation Realty declined to elaborate.

Core Investments had an agreement in place with the Lombardo family's company to buy the properties since 2022. At the same time, Core Investments had entered into a partnership with Yankee Line to develop a headquarters for the bus company nearby across Scanlon Drive, according to a statement given to The Patriot Ledger on behalf of Randolph Transportation Realty. The property at 43 Scanlon Drive is owned by a Core Investments-associated limited liability company.

The development and bus companies agreed to jointly develop the properties that include Lombardo’s after “expanding the partnership recently through a sale of the property to a Yankee affiliate,” according to the statement.

“The partners will develop the property, at the entrance to the town of Randolph, for a future user when the real estate market allows,” the statement read.

It was not clear what type of development would be built on the property. A call made to the Randolph town manager was not returned.

Core Investments specializes in acquiring and redeveloping mixed-use and commercial buildings. Yankee Line operates throughout New England, metropolitan New York and Washington, D.C.

The Lombardo family has been in business for nearly 100 years, first opening Liberty Market in East Boston in 1927 and opening its first function facility there in 1963. The Lombardo's in Randolph opened on Billings Street in 1983.

Hannah Morse covers growth and development for The Patriot Ledger. Contact her at hmorse@patriotledger.com.

This article originally appeared on The Patriot Ledger: Lombardo's sold to investment firm and bus company