Restaurant

CBRE Arranges Two Retail Leases in Raleigh for ParTee Shack Totaling 36,590 SF

by John Nelson July 26, 2024

RALEIGH, N.C. — CBRE has arranged two new retail leases in Raleigh on behalf of ParTee Shack, a miniature golf-focused entertainment concept. ParTee will occupy 19,590 square feet at Celebration at Six Forks and 17,000 square feet at Capital Marketplace. These mark the second and third locations in the city for the brand. Jon Stanley of CBRE represented the tenant in both lease negotiations. Charlie Coyne of CBRE represented the landlord of Capital Marketplace, Finmarc Management, and Tiffany Barrier of CBRE represented the landlord of Celebration at Six Forks, FCA Partners. Founded in 2020, ParTee offers miniature golf, go-karts, laser tag, arcade and virtual reality games, as well as food and alcoholic beverages.

July 26, 2024

Leasing Activity Restaurant Retail Texas

TOCA, MLS to Open Soccer-Themed Entertainment Concept in The Colony, Texas

by Taylor Williams July 25, 2024

THE COLONY, TEXAS — A partnership between soccer training organization TOCA Football and Major League Soccer (MLS) will open the first TOCA Social entertainment venue in the United States in The Colony, a northern suburb of Dallas. Situated within the Grandscape mixed-use development, TOCA Social Dallas will feature soccer-based immersive entertainment, as well as food-and-beverage options. The venue is scheduled to open next summer, with additional TOCA Social venues planned for other U.S. cities. Berkshire Hathaway owns Grandscape via Nebraska Furniture Mart.

July 25, 2024

Arizona Development Hospitality Mixed-Use Restaurant Retail Western

Okland Capital, San Tan Development Break Ground on $100M Northside at SanTan Village Mixed-Use Project in Gilbert, Arizona

by Amy Works July 25, 2024

GILBERT, ARIZ. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space spread across six buildings. Completion of phase one is slated for mid-2025, with a grand opening expected in fall 2025. The hotel component is scheduled to deliver shortly after and future uses are currently being designed. At full build-out, Northside at SanTan Village will span 20 acres and feature a 134-key hotel, retail, restaurants and community green space. Development costs were estimated at $100 million. The project team includes Okland Construction as general contractor and Aline Architecture Concepts as architect for the retail center. Bryan Babits and Alberto Caballero of Western Retail Advisors are handing leasing for the project’s retail and restaurant spaces.

July 25, 2024

Leasing Activity Midwest Missouri Restaurant Retail

Napoli Group to Open New Restaurant at The James Apartment Complex in Kirkwood, Missouri

by Kristin Harlow July 24, 2024

KIRKWOOD, MO. — The Napoli Group has signed a lease to open its sixth location at The James apartment complex in Kirkwood, a western suburb of St. Louis. Napoli Kirkwood, which will feature the restaurant group’s signature wood-fired pizza, is slated to open during the fourth quarter. The restaurant will occupy the 4,684-square-foot, ground-floor retail space and will also feature a 1,000-square-foot outdoor patio. High Street Residential, the residential subsidiary of Trammell Crow Co., opened The James in March. Greystar is handling leasing and management for the apartment units.

July 24, 2024

Illinois Leasing Activity Midwest Restaurant Retail

Brown Commercial Group Negotiates Two Retail Leases for Parlor Doughnuts in Metro Chicago

by Kristin Harlow July 24, 2024

BOLINGBROOK AND ROLLING MEADOWS, ILL. — Brown Commercial Group has negotiated two retail leases that will bring the first Parlor Doughnuts franchises to the Chicago market. Luke Dummitt, Dan Brown and Trinity Scurto of Brown Commercial Group represented a private investor in leasing two suburban locations that will be used for high-end doughnut and coffee shop locations. The properties include 1301 Algonquin Road in Rolling Meadows and 227 Weber Road in Bolingbrook. Each store will total nearly 3,000 square feet and is expected to open by year-end. Parlor Doughnuts launched in Evansville, Ind., in 2019 and now maintains more than 70 locations nationwide.

July 24, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson July 23, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

July 23, 2024

Leasing Activity Midwest Minnesota Restaurant Retail

Gray Fox Coffee Opens at 1.2 MSF Dayton’s Project in Minneapolis

by Kristin Harlow July 22, 2024

MINNEAPOLIS — Gray Fox Coffee has opened at The Dayton’s Project, a 1.2 million-square-foot office and retail property located at 700 Nicollet Mall in Minneapolis. Owned by 601W Cos., The Dayton’s Project was originally built as the Dayton’s department store. The building now features amenities such as a gym, private lounges and rooftop terrace. Gray Fox Coffee occupies the building’s skyway level after six years of vacancy. The coffee shop, which marks the fourth location for the company, is open to tenants and the public, and features coffee, breakfast items and smoothies.

July 22, 2024

Development Hospitality Louisiana Mixed-Use Restaurant Retail Southeast

Cordish Tops Off $270M Live! Casino & Hotel Louisiana in Bossier City

by John Nelson July 18, 2024

BOSSIER CITY, LA. — The Cordish Cos. has topped off Live! Casino & Hotel Louisiana, a $270 million hospitality and gaming entertainment complex in Bossier City. The Baltimore-based retail entertainment owner and operator broke ground on the project in December 2023. Cordish Cos. and general contractor AnderCorp finished vertical construction at the property yesterday in a ceremony that included state and local officials. Scheduled to open in first-quarter 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu. During the topping off ceremony, Cordish also announced two other additions to the restaurant lineup: Ridotto Grand Café and The Prime Rib steakhouse. Situated along the Red River, the project is expected to create 750 new construction jobs and 750 permanent jobs. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish Cos. acquired in 2023. Live Casino & …

July 18, 2024

Acquisitions Company News Florida Restaurant Retail Southeast Texas Top Stories

Darden Restaurants Agrees to Acquire Tex-Mex Chain Chuy’s for $605M

by Katie Sloan July 18, 2024

AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders. Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago. …

July 18, 2024

Acquisitions California Net Lease Restaurant Retail Western

Beta Agency Arranges $7.5M Sale of Raising Cane’s Chicken Fingers-Occupied Restaurant in Carson, California

by Amy Works July 16, 2024

CARSON, CALIF. — Beta Agency has arranged the sale of a restaurant property located at 20707 Avalon Blvd. in Carson, south of Los Angeles. A Los Angeles-based private investor sold the asset to an Orange County, Calif.-based private buyer in a 1031 exchange for $7.5 million. Raising Cane’s Chicken Fingers occupies the 2,950-square-foot property with 12 years remaining on its triple-net lease, which backed by a corporate guarantee. The lease also includes 10 percent rental increases every five years. The restaurant opened in 2022. Adam Friedlander of Beta Agency represented the seller, while George Felix and Dan Blackwell of CBRE represented the buyer in the deal.

July 16, 2024

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