DALLAS — Burger chain Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.
TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.
NORCROSS, GA. — Ackerman Retail, a division of Atlanta-based Ackerman & Co., has facilitated the sale of a 4,200-square-foot absolute triple-net Chick-fil-A ground lease located in Norcross, roughly 20 miles outside Atlanta in Gwinnett County. Constructed in 1998, the property was renovated in 2018. Sean Patrick of Ackerman Retail represented the seller, an entity doing business as WB Holdings-Jimmy Carter Boulevard, in the transaction. A local private buyer acquired the ground lease.
CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.
KANSAS CITY, MO. — Duck Donuts is opening a 1,500-square-foot shop at the Antioch Annex shopping center in Kansas City. The lease marks the Pennsylvania-based donut brand’s first location in Kansas City. Dan Sweeney of Curry Real Estate Services represented ownership on an internal basis. Duck Donuts plans to open in late February. The company began franchising in 2013 and now maintains more than 130 locally owned and operated shops across the country.
MIAMI — Marcus & Millichap has arranged the $17.7 million sale of a Days Inn hotel located at 7250 N.W. 11th St. in Miami. The 103-room hotel, which includes an onsite Beat Culture Brewery & Restaurant, is situated on the campus of Miami International Airport. Leo Reilly and Robert Hunter of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. The team also procured the Massachusetts-based buyer. Both parties requested anonymity.
OAK BROOK, ILL. — Marcus & Millichap has arranged the $9.1 million sale of an 11,857-square-foot restaurant property occupied by Fogo de Chao in the Chicago suburb of Oak Brook. Constructed in 2021 and located at 1204 W. 22nd St., the Brazilian steakhouse anchors the new Oak Brook Commons mixed-use development that is located on the former McDonald’s headquarters site. Oak Brook Commons currently features a 17-story apartment building, a medical office building and three freestanding restaurants. Future construction plans call for creative office space, condos and a hotel. Nicholas Kanich of Marcus & Millichap marketed the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.
MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.
DUBUQUE, IOWA — Quantum Real Estate Advisors Inc. has negotiated the $2.6 million sale of a newly completed property occupied by Starbucks in Dubuque, a city in eastern Iowa. The building, which is located across the street from a Hy-Vee grocery store, traded at a cap rate of 6.1 percent. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Midwest-based developer. Steve Moore of Quantum represented the buyer, a Midwest-based investor.
COLORADO SPRINGS, COLO. — An Oregon-based 1031 exchange buyer has purchased the ground lease of a restaurant asset located at 9723 Federal Drive in Colorado Springs. An undisclosed developer sold the asset for $5.3 million. A new double-drive-thru Shake Shack occupies the asset on a 15-year absolute triple-net ground lease. The property is adjacent to a 115,000-square-foot Scheels at the intersection of Interstate 5 and Interquest Parkway. Drew Isaac, James Rassenfoss and Ian Hicks of Marcus & Millichap’s Denver office represented the seller in the deal.