REBusinessOnline

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September.With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales …

Gaw Capital USA, DJM Unveil Plans for Ovation Hollywood Mixed-Use Project in Los Angeles

LOS ANGELES — Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose- and Los Angeles-based private equity real estate developer, have released plans for transforming the shopping center at Hollywood & Highland into Ovation Hollywood.Upon completion in late 2021, Ovation Hollywood will be a mixed-use project offering 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet …

CBRE Negotiates $4.8M Sale of Vacant Restaurant Property in Hermosa Beach, California

HERMOSA BEACH, CALIF. — CBRE has arranged the sale of a former restaurant and retail building located in Hermosa. A Greater Los Angeles-based private investor acquired the asset from a Los Angeles-based family for $4.8 million.Located at 2701 Pacific Coast Highway, the 6,031-square-foot building was originally built in 1963. The single-story property features 44 parking spaces and is zoned for commercial uses. Round Table Pizza recently vacated the property, which it had occupied for 30 …

SRS Brokers $3.3M Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

SCOTTSDALE, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million.Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032.Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris …

Captain D’s Opens First Central Illinois Restaurant in Champaign

CHAMPAIGN, ILL. — Captain D’s newest franchise location has opened in Champaign. Located at 1409 N. Prospect Ave., the restaurant marks Captain D’s first restaurant in central Illinois and seventh overall in the state. The Champaign restaurant is currently open for drive-thru and carryout. The dining room will remain closed for the immediate future due to COVID-19. Sunil Modi owns the Champaign restaurant. He previously owned Dunkin’ restaurants in the Champaign area. Captain D’s, …

Beyond Juicery + Eatery to Open at Troy Marketplace in Metro Detroit

TROY, MICH. — Beyond Juicery + Eatery has signed a 1,104-square-foot lease at Troy Marketplace. The juicer will occupy space that formerly housed Menchie’s Frozen Yogurt. The retail center is located at the intersection of Big Beaver and Rochester roads in Troy, about 20 miles north of Detroit. Tjader Gerdom, Michael Murphy and Larry Siedell of Gerdom Realty & Investment represented the landlord, RPT Realty, in the lease negotiations. William Gershenson of Gershenson Group represented …

Toasted Yolk Café Opens Two Restaurants in Metro Houston

KATY AND CYPRESS, TEXAS — Breakfast eatery The Toasted Yolk Café has opened two new restaurants in the Houston area, one at The Crossing at Katy Fulshear on the western side of town and one at Cypress Mill Village in the northwestern suburbs. Toasted Yolk Café now operates 14 restaurants in the Houston area. Paul Vernon and Campbell Vise of Henry S. Miller represented the restaurant in its site selection and lease

Detroit Casinos to Reopen at 15 Percent Capacity Starting August 5

MICHIGAN — With a new executive order, Michigan Gov. Gretchen Whitmer has enabled Detroit casinos to reopen on Wednesday, Aug. 5 at 15 percent capacity. Casinos must also conduct a daily entry screening protocol for customers and employees. Patrons must wear a face covering except while eating and drinking. The governor has also limited statewide indoor gatherings to 10 people, citing a “resurgence in cases connected to social gatherings across the state.” Bars across the state are closed …

Napoli III to Join Tenant Lineup at Streets of St. Charles in Suburban St. Louis

ST. CHARLES, MO. — Napoli III will join the tenant lineup at Streets of St. Charles, a 27-acre mixed-use development owned by Cullinan Properties in suburban St. Louis. Napoli III is the third restaurant from the Pietoso family and an extension of the family’s original Café Napoli. The new restaurant will occupy 4,500 square feet and feature a private room as well as outdoor dining. The menu will offer fresh seafood and pasta as well as favorites such as the veal chop and penne a la vodka. …

California Pizza Kitchen Files for Chapter 11 Bankruptcy

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic.The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. …

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