TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.
MT. PLEASANT, MICH. — Alpine Realty Capital LLC, a member of Hotel Brokers International, has brokered the sale of the Comfort Inn & Suites and Conference Center in Mt. Pleasant, a city in central Michigan. The sales price was undisclosed. The 137-room hotel includes an adjacent 10,000-square-foot conference center and is situated near the main campus of Central Michigan University (CMU). The property is located on a 10-acre site that is leased from CMU. Further details of the sale were not provided.
CROWN POINT, IND. — Marcus & Millichap has arranged the $7 million sale of a 34,704-square-foot property occupied by the State of Indiana in Crown Point, a city in Northwest Indiana. The asset is located at 9801 Georgia St. near I-65. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a partnership. The duo also secured and represented the buyer, a limited liability company.
CHICAGO — SRS Real Estate Partners has brokered the sale of a single-tenant retail property occupied by Wendy’s in Chicago for $3 million. Built in 1983 and renovated in 2022, the 4,031-square-foot building is located at 2811 N. Narragansett Ave. Sean Lutz and Dan Elliott of SRS represented the seller, a California-based private investor. Bruce Lee and Hope Kim of New Star Realty represented the all-cash buyer, a California-based private investor. The sales price of $753 per square foot represented a cap rate of 5.27 percent.
NORMAL, ILL. — Coldwell Banker Commercial Real Estate Group has negotiated the $2.2 million sale of College Oak Square Strip Mall in Normal, just north of Bloomington. The 29,000-square-foot property, built in 1986, is home to 19 tenants and is located at 1520 E. College Ave. Greg Yount of Coldwell Banker Commercial represented the seller, Broadmoor Park LLC. The buyer was undisclosed.
DALLAS — Southern California-based investment firm Cohen Asset Management has acquired DalParc Logistics Center Building 1, a 920,275-square-foot industrial property in South Dallas. The building was constructed in 2016 and serves as a fulfillment center for Amazon. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.
LAREDO, TEXAS — Partners Real Estate has arranged the sale of a 37,500-square-foot industrial property in the Rio Grande Valley city of Laredo. According to LoopNet Inc., the property at 14610 Atlanta Drive was built on 2.5 acres in 1997 and features 24-foot clear heights. Gustavo Torres of Partners represented the seller, a private investor, in the transaction. The buyer and sales price were not disclosed.
SAN ANGELO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. The property consists of two adjacent buildings on a 2.8-acre site that can support future expansion. A publicly traded REIT sold the asset, which was built in 2012, to an East Coast-based seniors housing owner-operator looking to expand upon its Texas footprint. Both parties involved in the deal requested anonymity.
LIVINGSTON, N.J. — Cushman & Wakefield has arranged the sale of West Essex Logistics Center, a 293,887-square-foot industrial property in the Northern New Jersey community of Livingston. The property is a redevelopment of the former CIT Bank office headquarters campus and features a clear height of 36 feet, 54 loading docks and two drive-in doors. Gary Gabriel, David Bernhaut, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the seller, a partnership between Bluewater Property Group and Affinius Capital, in the deal. The buyer was Atlanta-based Invesco Real Estate.
SAN ANTONIO — Ryman Hospitality Properties Inc. (NYSE: RHP) has entered into a definitive agreement with Blackstone Real Estate Income Trust Inc. (BREIT) to purchase the JW Marriott San Antonio Hill Country Resort for $800 million. The 640-acre resort opened in 2010 and includes 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event spaces. BREIT has owned the property since 2018. Ryman plans for the resort to continue to operate under the JW Marriott flag. The Nashville-based lodging and hospitality REIT now owns two of the largest group-oriented resorts in Texas, with the Gaylord Texan Resort & Convention Center in the Dallas suburb of Grapevine being the other. “We identified the JW Marriott Hill Country as an ideal acquisition target quite some time ago,” says Mark Fioravanti, president and CEO of Ryman Hospitality. “Located in an attractive and growing market with no emerging competitive supply, this beautiful resort is a natural complement to our existing Gaylord Hotels portfolio and offers significant opportunities to serve the group and leisure sides of our business.” “This sale, which generates approximately $275 million in profit over a five-year hold period through Covid, represents a terrific outcome for BREIT shareholders,” says Nadeem Meghji, head of Blackstone Real Estate …