REBusinessOnline

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards …

McDonald’s Opens New Flagship Restaurant in Chicago

CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney …

Hanley Investment Group Negotiates $2.9M Sale of Single-Tenant Retail Property in Rialto, California

RIALTO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a recently constructed retail building located at 1877 N. Riverside Ave. in Rialto. Newport Beach-based Fountainhead Development sold the property to a Chatsworth-based private investor for $2.9 million, or nearly $1,700 per square foot. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Ash Joshi of San Fernando-based Capital Realty Solutions Inc. represented the buyer in the …

Baum Brokers $1.8M Sale of Property Net Leased to Chipotle in Effingham, Illinois

EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the

Englewood Begins Construction of Outback Steakhouse in Gurnee, Illinois

GURNEE, ILL. — Englewood Construction has broken ground on a 6,524-square-foot Outback Steakhouse restaurant in Gurnee, located about 45 miles north of Chicago. Outback is relocating from 5642 Northridge Drive in Gurnee. Janet Pugh is the project architect. Tampa-based Bloomin’ Brands is the parent company of Outback. Englewood has recently completed Outback restaurants in Downers Grove, Ill.; Springfield, Ill.; and Merrillville,

Marcus & Millichap Brokers $1.5M Sale of Restaurant Property in Santa Ana, California

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap's Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap's West Los Angeles office represented the buyer, a private investor, in the

Encore Arranges Sale of Property Leased to Applebee’s in Roseville, Michigan for $3.4M

ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment …

Hanley Investment Group Negotiates $2.8M Sale of Single-Tenant Restaurant Property in Perris, California

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail property located at 51 E. Ramona Expressway in Perris. An Orange County, Calif.-based developer sold the property to a Los Angeles-based private investor for $2.8 million, or $1,364 per square foot. Del Taco occupies the 2,060-square-foot property, which was built in 2016, on a triple-net lease with more than 18 years remaining on its 20-year initial term. Eric Vu, Bill Asher …

HFF Brokers Sale of 109,890 SF Retail Center Along Orlando’s Restaurant Row

ORLANDO, FLA. — HFF has brokered the sale of Dellagio Town Center, a 109,890-square-foot retail center located along Orlando’s Restaurant Row. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF arranged the transaction on behalf of the undisclosed seller. Concorde Group Holdings LLC acquired the property for an undisclosed price. Constructed in 2009, Dellagio Town Center was 95.8 percent leased at the time of sale to tenants including Fleming’s Prime Steakhouse, BRAVO! Cucina …

Craft Brewery to Anchor New Mixed-Use Development in Chicago

CHICAGO — Craft brewery 5 Rabbit Cerveceria has signed a 12,000-square-foot lease to be the first retail tenant at Mural Park in Chicago’s Pilsen neighborhood. The Latin American-inspired brewery will anchor the property and occupy 5,000 square feet on the ground floor and 7,000 square feet in the basement for its brewing operation. The brewery is slated to open in early 2019. Jose Gonzalez and Joaquin Manriquez of JLL represented the landlord, Condor Partners, in the lease transaction. …

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