Retail

Knoebel Construction Builds Drake’s Restaurant in O’Fallon, Illinois

by Kristin Harlow September 29, 2020

O’FALLON, ILL. — Knoebel Construction has completed building a new Drake’s restaurant in O’Fallon near St. Louis. The 6,014-square-foot restaurant and entertainment venue features two full-service bars and an outdoor patio. Drake’s, an entity of parent company Bluegrass Hospitality Group, is a Kentucky-based chain with 15 locations across the Midwest and Southeast. The restaurant offers more than 20 craft beers on tap as well as sandwiches, salads, burgers and sushi. Drake’s says it is closely following government guidelines for reopening during COVID-19 and working alongside state and local officials to ensure health and safety.

September 29, 2020

California Development Restaurant Retail Western

Rodeo 39 Public Market in Southern California to Open in Mid-October

by Amy Works September 28, 2020

STANTON, CALIF. — Dan Almquist of Frontier Real Estate Investments plans to debut Rodeo 39 Public Market, a collection of eateries and retail spaces in Southern California, in mid-October. Located at 12885 Beach Blvd. in Stanton, Rodeo 39 will feature hangar doors that open up for an inside/outside setting, original artwork and murals from five different local artists and several first-to-market retail and restaurants concepts. The Rodeo 39 mix includes Banh Xeo Boys, Bearded Tang Brewery, Beleaf Burgers, Bestea, Dot & Dough, Fika Fika Creamery, Hook & Anchor, Joystix, Kra Z Kai’s BBQ, My First Kiss, Nandomo by HiroNori, Oi Asian Fusion, Phoholic, Primal Cuts, Pvsta Lab, Rodeo Bar, RTE, Shootz, Sizzle, Steel Pan Pizza, Skin Design Tattoos, Tenori, Orng Cnty, The Nail Boss, Utopia Studios, WNTD and ZeroUV. Additionally, Rodeo 39 will offer a seamless to-go ordering system called Rodeo39Go that allows for the choice of pick-up, curbside, delivery or contactless ordering via QR codes from tables within Rodeo 39 Public Market. Rodeo 39 is currently in the soft-open phase as tenants train their staff and team members. An official grand opening to the public is slated for Oct. 17 and 18.

September 28, 2020

Leasing Activity Restaurant Retail Texas

Benders Sports & Spirits to Open 4,086 SF Restaurant in Metro Dallas

by Taylor Williams September 28, 2020

RICHARDSON, TEXAS — Benders Sports & Spirits will open a 4,086-square-foot restaurant at 300 N. Coit Road in the northeastern Dallas suburb of Richardson, its second in the metroplex. Andy Anderson of Restaurant Properties Group represented the tenant in the negotiations for the seven-year lease. Andrew Shaw of NAI Robert Lynn represented the landlord, Pipit Partners LP.

September 28, 2020

Acquisitions Indiana Midwest Restaurant Retail

Boulder Group Brokers $1.2M Sale of Arby’s-Occupied Property in Fort Wayne

by Kristin Harlow September 28, 2020

FORT WAYNE, IND. — The Boulder Group has brokered the sale of a 2,400-square-foot property occupied by Arby’s in Fort Wayne for $1.2 million. Located at 10112 Maysville Road, the building serves as an outparcel to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based partnership. A Southeast-based buyer purchased the asset. The cap rate of 4.58 percent represents a record-setting low cap rate for an Arby’s-leased property, according to Boulder.

September 28, 2020

Midwest Missouri Restaurant Retail Video Webinar

Webinar: Greater Kansas City Retail Outlook: How is the Greater Kansas City Area Retail Sector Responding to COVID-19?

by Sarah Daniels September 27, 2020

Shopping Center Business and Heartland Real Estate Business hosted a webinar entitled Greater Kansas City Retail Outlook— How is the Greater Kansas City Area Retail Sector Responding to COVID-19?, covering the impacts of COVID-19 and what panelists expect for the rest of 2020. See a list of some topics covered below: As a city that straddles state lines, how has Kansas City been impacted by the pandemic, compared with other Midwest markets? What restrictions are in place for retailers and restaurants? How are retail property owners and tenants ensuring the safety of customers and staff? What are property owners and managers doing to work with retail tenants during these difficult circumstances? What do retailers need to recover? How will retail rents and property values be affected? What are the predictions for retail vacancy rates in the coming year? What will be the impact on new development and investment sales in the retail sector in the near term? Panelists: David E. Waters, Lathrop GPM LLP (moderator) Erin Johnston, Copaken Brooks Andy Crimmins, Crossroads Retail Group Tyler Enders, Made in KC Dan Lowe, Legacy Development David Block, Block & Company Webinar sponsors: Block & Company, Inc.: Block & Company, Inc., Realtors is …

September 27, 2020

Company News Retail Washington Western

Costco Reports 12.5 Percent Increase in Quarterly Sales as Fiscal Year Sales Soar

by Amy Works September 25, 2020

ISSAQUAH, WASH. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs related to COVID-19 — such as premium wages and sanitation protocols — and a $36 million pre-tax charge due to prepayment of a $1.5 billion in debt. Costco recorded $4 billion in net income for the fiscal year, up from $3.7 billion in the prior year. The company currently operates 795 stores across the globe, as well as e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

September 25, 2020

Development Retail Southeast Virginia

Wegmans to Open 80,000 SF Store in Northern Virginia in November

by Alex Tostado September 25, 2020

TYSONS, VA. — Wegmans is slated to open an 80,000-square-foot store in Tysons on Nov. 4. Wegmans Tysons will feature a café with indoor/outdoor seating and The Burger Bar. The store will be located along the McLean Silver Line Metro stop at 1835 Capital One Drive S., 12 miles west of downtown Washington, D.C. Rochester, N.Y.-based Wegmans is hoping to hire 150 employees before the grand opening. The location is situated within Capital One Center, the public-facing portion of the bank’s global headquarters. Other tenants at the property include The Perch Biergarten, which is slated to open this fall, and Starbucks.

September 25, 2020

Development Illinois Midwest Retail

CFC Begins Construction of 3,000 SF Cannabis Dispensary in Calumet City, Illinois

by Kristin Harlow September 25, 2020

CALUMET CITY, ILL. — Cannabis Facility Construction (CFC) has begun the buildout of a Mission Dispensaries-branded cannabis dispensary at 1330 Torrence Ave. in Calumet City, about 20 miles south of Chicago. The 3,000-square-foot facility will feature retail space, back office space for processing, a secure vault for inventory storage and an advanced security system. Completion is slated for mid-December. The developer, 4Front Ventures Corp., has utilized CFC for other dispensary projects in Ann Arbor and Chicago’s South Side.

September 25, 2020

Company News New York Northeast Retail

Retail by MONA Launches Leasing, Advisory Firm in New York City

by Taylor Williams September 25, 2020

NEW YORK CITY — Brandon Singer, formerly of Cushman & Wakefield, has launched Retail by MONA, a leasing and advisory firm that will serve New York City. MONA is an acronym for Making of a New Age. The company has strategic partnerships with property owners including Aby Rosen and Michael Fuchs, founders of RFR Holding. Singer will serve as CEO of the new entity, which will offer both tenant and landlord representation services. Michael Cody, also formerly with Cushman & Wakefield, will serve as director and co-founder.

September 25, 2020

Company News Florida Restaurant Retail Southeast

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado September 24, 2020

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1. Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.

September 24, 2020

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