REBusinessOnline

Adelphia Properties Brokers Sale of 5,400 SF Restaurant Building in Metro Chicago

VILLA PARK, ILL. — Adelphia Properties has brokered the sale of a 5,400-square-foot restaurant building in Villa Park, about 20 miles west of Chicago. The sales price was undisclosed. The vacant property, formerly occupied by Park West Pancake House, is located at 10 E. Roosevelt Road. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. The buyer was also a Chicago-based private

Captain D’s to Open at Former Dunkin’ Property in Michigan

CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in …

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of …

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot …

Starbucks Opens 35,000 SF Reserve Roastery in Chicago

CHICAGO — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public on Friday, Nov. 15 and is the largest Starbucks location. The store is located on the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main …

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the

Egg Harbor Café Opens at Luxury Chicago Apartment Tower

CHICAGO — Egg Harbor Café has opened at Optima Signature, a 47-story, 490-unit luxury apartment tower in Chicago’s Streeterville neighborhood. The Streeterville location is the first downtown Chicago restaurant for Egg Harbor Café, which specializes in breakfast, brunch and lunch and maintains 20 locations in Illinois, Wisconsin and Georgia. Optima Inc. is the developer behind Optima Signature, which features 60,000 square feet of retail and office space. Egg Harbor occupies 4,905 square …

Toasted Yolk Café to Open Three Restaurants in Houston Area in Early 2020

HOUSTON — The Toasted Yolk Café, a breakfast eatery founded in 2010, will open three new restaurants in the Houston area in early 2020, raising its total store count to 14. The company will open restaurants at Westmont Shopping Center in Beaumont, The Shoppes of Cypress Mill in Cypress and The Crossing at Katy Fulshear in Katy during the first two months of the new year. Paul Vernon and Campbell Vise of Henry S. Miller represented Toasted Yolk Café in the lease negotiations. Following these …

Hanley Investment Group Negotiates $5M Sale of Restaurant Property in St. Louis

ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold …

Valore Ventures Sells Triple-Net Leased Outback Steakhouse Property in Southern California

GARDEN GROVE, CALIF. — Valore Ventures has completed the sale of a restaurant property located at 12001 Harbor Blvd. in Garden Grove. A private investor acquired the asset for $6.6 million. Outback Steakhouse occupies the 6,180-square-foot building, which was built in 2001, on a triple-net leased basis. The property is situated a mile from Disneyland and Disney California Adventure and minutes from the Anaheim Convention Center. Valore Ventures originally purchased the property as part …

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