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Like the rest of the retail sector, restaurants are in a state of upheaval. But unlike many other types, performance remains strong. Of course, winners here need to know their market, says Lee & Associates.
The $65 million all-cash purchase marks the first multi-property hotel deal the real estate investment firm has made in the hospitality arena, and is the debut acquisition originated by its inaugural $350 million hospitality fund.
The sale of 9700 W. Gulf Bank is somewhat rare, given oil prices have been suppressed since late 2014 and activity on similar properties has been limited, but it was last year's third-largest manufacturing sale by square footage.
"We saw strong interest in this site, as the planned four-season experiential, boutique hotel is positioned perfectly to capitalize on the growing health and wellness trend," Michael Gembecki of Cushman & Wakefield tells GlobeSt.com.