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AcquisitionsCaliforniaMixed-UseOfficeRestaurantRetailWestern

BH Properties Acquires 405,250 SF Mixed-Use Hazard Center in San Diego’s Mission Valley

by Amy Works

SAN DIEGO — BH Properties has purchased Hazard Center, a mixed-use campus in San Diego’s Mission Valley submarket, for an undisclosed price. Adam Edwards, Justin Shepherd, Michael Kathrein and Bailey Bland of Eastdil Secured represented the undisclosed seller in the transaction. Situated on 14.5 acres, Hazard Center consists of a 15-story, 270,000-square-foot office tower that was completed in 1990 and a more than 135,000-square-foot retail component that was completed in 1989. The office tower is more than 77 percent leased to long-tenured tenants. Current retail tenants include Barnes & Noble, Orangetheory Fitness, BJ’s Brewhouse, Wood Ranch BBQ & Grill, Which Wich Superior Sandwiches and FedEx Office.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $2.3M Sale of Chipotle-Occupied Property in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — The Boulder Group has arranged the $2.3 million sale of a single-tenant property net leased to Chipotle in Lansing, a southern suburb of Chicago. Chipotle maintains a 15-year lease with 10 percent rental escalations every five years and four five-year renewal options at the newly constructed building, which is located at 2302 Thornton Lansing Road. Randy Blankstein and Jimmy Goodman of Boulder represented the 1031 exchange buyer and the seller, a Midwest-based developer.  

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $6.6M Ground Lease Sale for New Fort Myers Restaurant Building Leased to Cooper’s Hawk

by John Nelson

FORT MYERS, FLA. — SRS Real Estate Partners has brokered the $6.6 million sale of a ground lease for a new restaurant building located at 13671 Olympic Court in Fort Myers. Cooper’s Hawk Winery & Restaurant occupies the 10,653-square-foot property on a 15-year triple-net lease. Britt Raymond and Kyle Fant of SRS represented the seller, Stock Development, in the transaction. Josh Kanter and Anthony D’Ambrosia of NNN Pro represented the undisclosed buyer, a private investment firm that purchased the restaurant in a 1031 exchange. The restaurant sits on a 2.2-acre site along 6 Mile Cypress Highway and adjacent to Daniels Crossing, a 500,000-square-foot, Publix-anchored shopping center.

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IllinoisMidwestRestaurantRetail

Mediterranean Fast-Casual Restaurant Roti Files for Chapter 11 Bankruptcy

by Kristin Harlow

CHICAGO — Roti, a Mediterranean fast-casual restaurant group based in Chicago, has filed for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances. Roti intends to keep its locations across Chicago, Minneapolis and the Washington, D.C. metro areas operating. “After careful consideration, filing for bankruptcy protection was the best way to address our challenges, including financial performance, higher costs, mixed location performance and tough market conditions,” says Justin Seamonds, CEO and prime minister of fun at Roti. Roti says it was disproportionately affected by the COVID pandemic as 50 percent of its restaurants are based in downtown districts. The company states that the current restaurant climate is mired in a consumer spending downturn.

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DevelopmentFloridaLeasing ActivityMixed-UseOfficeRestaurantRetailSoutheast

Office, Retail Tenants Join Atlantic Village Mixed-Use Development in Metro Fort Lauderdale

by John Nelson

HALLANDALE BEACH, FLA. — New office and retail tenants have signed leases totaling 43,000 square feet at the third phase of Atlantic Village, a 308,253-square-foot mixed-use development located in Hallandale Beach, roughly 13 miles south of Fort Lauderdale. Retailers Mitch’s Bagels (1,985 square feet), Holy Shakes (1,067 square feet), Club Pilates (2,562 square feet), Zen Zone (2,086 square feet), The Spot Barbershop (1,215 square feet), La Maison H (2,260 square feet), Genia’s Keratin Spa (1,370 square feet) and 54D (8,146 square feet) have opened at the development, which is situated at 601 to 801 N. Federal Highway. Casa Crudos (1,629 square feet), The Wagyu House (2,681 square feet), Murano by Ferraro’s Kitchen (2,600 square feet) and Drunken Dragon (7,746 square feet) have also signed leases at Atlantic Village. Office tenants now open at Phase III of the development, which is currently 83 percent leased, include The Worx (10,911 square feet), Skin and Cancer Dermatology (3,731 square feet), Glowing Smiles Pediatric Dentistry (2,450 square feet) and Ciocca Dermatology of Hallandale (5,608 square feet). Phase I of Atlantic Village, which is fully leased, features 34,710 square feet of retail space. Phase II comprises 27,486 square feet and 10,380 square feet of retail …

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451-W-Vandalia-Ave-Porterville-CA
AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Marcus & Millichap Brokers Sale of Dutch Bros Retail Ground Lease in Porterville, California

by Amy Works

PORTERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a ground lease at 451 W. Vandalia Ave. in Porterville, located in the San Joaquin Valley. A partnership sold the asset to an undisclosed buyer for $1.4 million. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap, along with Adam Christofferson of Marcus & Millichap as broker of record, represented the seller. A drive-thru Dutch Bros coffee shop occupies the 800-square-foot property, which was constructed in 2024, under a new, 15-year, absolute triple-net ground lease featuring 10 percent rental increases every five years and multiple renewal options.

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Leasing ActivityRestaurantRetailTexas

PMB Capital Signs Four Food-and-Beverage Users to Leases at Metro Dallas Mixed-Use Development

by Taylor Williams

SACHSE, TEXAS — Locally based developer PMB Capital Investments has signed four new food-and-beverage users to leases at The Station, a mixed-use development located on the northeastern outskirts of Dallas in Sachse. Deals are now in place with pizza concept Cane Rosso (3,000 square feet), Nation’s Giant Hamburgers (2,500 square feet), Chipotle Mexican Grill (2,325 square feet) and Starbucks (2,225 square feet). All restaurants are expected to be open by next spring. PMB Capital is also nearing completion of the redevelopment of Heritage Park, which will bring an amphitheater, custom-designed playground, pavilion, splash pad, event lawn and boardwalk to the community.

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DevelopmentGeorgiaRestaurantRetailSoutheast

Chick-fil-A Opens First Elevated, Drive-Thru Only Restaurant in McDonough, Georgia

by John Nelson

MCDONOUGH, GA. — Chick-fil-A is opening its first elevated, drive-thru only restaurant in the south Atlanta suburb of McDonough today. Located at 2155 Jodeco Road, the restaurant features four drive-thru lanes that run below an elevated kitchen that is twice the size of a typical Chick-fil-A kitchen. Food reaches the delivery team members via a custom meal transport system that uses conveyer belt technology. Patrons can either order onsite with a Chick-fil-A team member or order ahead on the Chick-fil-A app. The restaurant features dedicated lanes for both ordering methods, as well as “pull-aside lanes” for guests whose orders are taking longer to fulfill.  The Atlanta-based fast-casual restaurant chain says that the Jodeco Road restaurant has the capacity to support two to three times more vehicles than a standard Chick-fil-A restaurant drive-thru. Chick-fil-A, which opened its first restaurant with a drive-thru in 1993, expects to employ 150 team members at the new McDonough restaurant, which serves both the McDonough and Stockbridge markets. The company announced the new restaurant concept in summer 2023, along with a digital-only pick-up restaurant in New York City that opened in March.

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CivicDevelopmentMixed-UseNevadaRestaurantRetailWestern

KemperSports, City of Henderson to Build 180,000 SF Fieldhouse Facility in Nevada

by Amy Works

HENDERSON, NEV. — KemperSports has partnered with the City of Henderson to build and operate West Henderson Fieldhouse, a state-of-the-art athletic and entertainment facility in Henderson, a suburb southeast of Las Vegas. Slated to open in 2026, the public-private development will include capital investment, development oversight and the long-term management of the complex by KemperSports. The 180,000-square-foot facility will feature: West Henderson Fieldhouse is expected to generate $1.5 million in annual tax revenue, $39.1 million in total economic impact annually and $10.7 million in wages and salaries, according to KemperSports.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.7M Sale of New Central Florida Restaurant Property Leased to Chipotle

by John Nelson

HAINES CITY, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a newly delivered restaurant property located at 35654 U.S. Highway 27 in Haines City, a city in Central Florida. Chipotle Mexican Grill occupies the property on a 15-year triple-net lease. The 2,493-square-foot restaurant sits on 0.7 acres and features a drive-thru. Patrick Nutt, William Wamble and Connor Barton of SRS represented the seller, an undisclosed development firm based in Florida, in the transaction. The buyer, a private investment firm based in Spain, purchased the restaurant at a 4.5 percent cap rate.

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