Restaurant

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw December 22, 2023

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

December 22, 2023

Leasing Activity Restaurant Retail Texas

Emmer & Rye Hospitality Group to Open 40,000 SF Food Hall at San Antonio’s Pearl District

by Taylor Williams December 21, 2023

SAN ANTONIO — Texas-based restaurant operator Emmer & Rye Hospitality Group will open Pullman Market, a 40,000-square-foot food hall that will be located within San Antonio’s Pearl District. Set to debut next spring, the culinary destination will feature four full-service restaurants, fast-casual concepts, an artisan butcher and fishmonger program, various wine and beer selections, Texas-based produce and specialty foods, a seasonal bakery and a fresh pasta program. The four restaurants include Italian concept Fife & Farro, Mexican eatery Mezquite, fine-dining establishment Isidore and dessert bar Nicosi.

December 21, 2023

Acquisitions California Restaurant Retail Western

College West Partners Sells Raising Cane’s-Occupied Building in Santa Maria, California for $5.1M

by Amy Works December 21, 2023

SANTA MARIA, CALIF. — Tustin-based College West Partners has completed the sale of a restaurant building located at 485 Betteravia Road in Santa Maria. A Los Angeles-based private investor acquired the asset for $5.1 million, or $1,608 per square foot. Alexander Moore, Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller and the buyer in the deal. A Raising Cane’s Chicken Fingers double drive-thru restaurant occupies the 3,172-square-foot freestanding building, which was built in 2022 on a 0.8-acre pad. The property is located within Enos Ranch, a 110-acre mixed-use development.

December 21, 2023

Development Restaurant Retail Texas

RE:VIVE Development Completes 26,000 SF Retail Project in Houston

by Taylor Williams December 20, 2023

HOUSTON — Locally based firm RE:VIVE Development has completed Stomping Grounds, a project in Houston’s Heights neighborhood that consists of 26,000 square feet of retail and restaurant space and 10,000 square feet of open green space. The site spans three acres. Tenants include local operators such as Rooster & Rice, Bollo Woodfired Pizza, Sonoma Wine & Cheese, Luloo’s Day & Night and Fat Cat Creamery.

December 20, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Six New Tenants at $1B Greenville County Square Development in South Carolina

by John Nelson December 19, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed six new tenants to join Greenville County Square, a $1 billion mixed-use development underway in downtown Greenville. In addition to Whole Foods Market announced earlier this year, the 3 million-square-foot development will include Pottery Barn, Williams Sonoma, Cordish Cos. brands Sports & Social and PBR and restaurants Fleming’s Prime Steakhouse and Wine Bar, Hawkers and The Salty. Other committed tenants include Lima One Capital (office), Pins Mechanical, Fairway Social, Perch Kitchen and Tap, Agave Bandido, Jinya Ramen Bar and Ben & Jerry’s. Earlier this year, Greenville County moved into its new 262,000-square-foot administrative building and parking deck. RocaPoint is currently building out the project’s roads and infrastructure.

December 19, 2023

Leasing Activity Restaurant Retail Texas

Levcor Adds Five Tenants to MarqE Entertainment Center in West Houston

by Taylor Williams December 18, 2023

HOUSTON — Locally based developer Levcor has added five new tenants at MarqE Entertainment Center in West Houston. Experiential concepts Sloomoo Institute and Immersive Gamebox now occupy 23,000 square feet and 3,404 square feet, respectively. Glownar Aesthetics has signed a 1,200-square-foot lease, while restaurants Aviator Pizza & Drafthouse and Seaside Poke have committed to 4,504 and 1,600-square-foot spaces, respectively. Regal Cinemas also recently completed renovations to its 23-screen cinema at the center.

December 18, 2023

Louisiana Market Reports Restaurant Retail Southeast Southeast Market Reports

Retailers in New Orleans Leverage Unique Experiences, Both In-Town and Suburbs

by John Nelson December 18, 2023

The New Orleans retail market is in a state of flux like other markets across the country. The retail experience is changing for the end user, with an increase in online shopping, “try before you buy” customers and quicker walkthroughs. Retailers are left in an odd position, caught between experiential interactions with customers and trying to have them remember to purchase later at home. While the retail market is changing, the Greater New Orleans area is different due to the scarcity of space available for new construction and a stable flow of stores closing or relocating. Our market creates a streamlined experience where consumers have “retail corners” they can visit to shop — such as downtown New Orleans, especially the iconic streets of Canal and Magazine — but also the suburbs that include Metairie, Elmwood and the Westbank. With the concentrated shopping setup of the market, customers can shop more efficiently, and retail investors see the New Orleans market as a more demanding and creative place to build and open stores. Submarket by submarket The retail customer in New Orleans detests spending unneeded time in the car, so when customers can shop locally, get what they need and get it …

December 18, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson December 15, 2023

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

December 15, 2023

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

Acquisitions Midwest Restaurant Retail South Dakota

Upland Negotiates Sale of Two Arby’s-Occupied Properties in South Dakota

by Kristin Harlow December 15, 2023

SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.

December 15, 2023

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