ATLANTA — Miami-based Burger King Worldwide is refranchising 42 company-owned Burger King restaurants in metro Atlanta to GPS Hospitality. Tom Garrett, former president and chief executive officer of Arby’s Restaurant Group Inc., operates GPS Hospitality. “GPS Hospitality is singularly focused on building the Burger King brand in the Atlanta area,” says Garrett. Refranchising refers to selling off corporate-owned stores to franchisees with the capital to give those stores a boost. Burger King Worldwide will additionally remodel 29 Burger King restaurants in the Atlanta area during the next three years.
WINCHESTER, VA. — Reston, Va.-based Calkain Cos., a national net lease real estate brokerage firm, has brokered the sale of a McDonald’s ground lease in Winchester. The property is the leading pad site at Rutherford Crossing, a 400,000-square-foot shopping center featuring retail and restaurant space. Lowe’s Home Improvement and Super Target anchor Rutherford Crossing. Rick Fernandez and Betty Friant of Calkain Cos. represented the unlisted developer and seller.
SALT LAKE CITY — Spirit Realty Capital has acquired six Sportsman’s Warehouse properties in a sale-leaseback transaction with the Salt Lake City-based retailer. The transaction was valued at more than $45 million. The stores are located in Midvale, Utah; Thornton and Loveland, Colo.; Phoenix and Mesa, Ariz.; and Ankeny, Iowa. They range in size from 43,725 square feet to 57,055 square feet. Sportsman’s will continue to operate the stores under a 15-year lease agreement. The retailer was represented by Bryce Blanchard of NAI West; Chris Hatch of Mountain West; and Jason Smith of Global Corporate Solutions. Other NAI Realty Network affiliates also participated in this transaction. Spirit Realty Capital was represented by Hope Sherman of NAI Ohio Equities.
SALT LAKE CITY — Spirit Realty Capital has acquired six Sportsman’s Warehouse properties in a sale-leaseback transaction with the Salt Lake City-based retailer. The transaction was valued at more than $45 million. The stores are located in Midvale, Utah; Thornton and Loveland, Colo.; Phoenix and Mesa, Ariz.; and Ankeny, Iowa. They range in size from 43,725 square feet to 57,055 square feet. Sportsman’s will continue to operate the stores under a 15-year lease agreement. The retailer was represented by Bryce Blanchard of NAI West; Chris Hatch of Mountain West; and Jason Smith of Global Corporate Solutions. Other NAI Realty Network affiliates also participated in this transaction. Spirit Realty Capital was represented by Hope Sherman of NAI Ohio Equities.
CHICAGO — The Boulder Group has arranged the $1.6 million sale of a net-leased Dollar General property at 5701 Belmont Ave. in Chicago. The 9,500-square-foot property was renovated in 2011 and Dollar General has 10 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a high-net-worth individual from Chicago, in the transaction. The buyer was a private partnership.
NEW YORK CITY — Through foreclosure proceedings, Madison Realty has taken ownership of 364 Bay St., a stalled 55,000-square-foot retail center near the St. George waterfront. The firm plans to finish and lease the two-story retail project, which is slated for completion by the end of 2013. Madison purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a local bank. The previous owner had acquired the land for $4.5 million and had spent an additional $2.5 million on improvements when construction was halted during the downturn. When Madison completes the project, the property will feature more than 40,000 square feet of retail space.
WEATHERFORD, OKLA. — Marcus & Millichap has arranged the sale of a 3,418-square-foot restaurant leased to McDonald's, located at 105 N. Washington St. in Weatherford. Approximately 11 years is remaining on McDonald's 20-year lease. Vincent Knipp and Chance Hales of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and the buyer, a partnership, in the transaction.
XENIA, OHIO — Marcus & Millichap has arranged the $1.6 million sale of Chipotle Center, a 7,487-square-foot retail property at 1620 West Park Square in Xenia. The property is fully occupied by Chipotle, AT&T and Palm Beach Tan. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company, in the transaction. An out-of-state buyer acquired the property at an 8.4 percent cap rate.
ANN ARBOR, MICH. — The Big Salad, a specialty restaurant, has signed a lease for 1,934 square feet of retail space in Plymouth Road Plaza in Ann Arbor. The new location is at 2791 Plymouth Road. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan represented the tenant in the transaction.
WEATHERFORD — Marcus & Millichap has arranged the sale of the 16,185-square-foot Shoppes of Weatherford, a retail property located at 1914 Main St. in Weatherford. The property is fully leased to triple-net tenants. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction.