CHICAGO — SVN Chicago Commercial has brokered the $1.8 million sale of a 4,800-square-foot restaurant condo in Chicago’s South Loop. The asset is located at 1307 S. Wabash Ave. Tim Rasmussen and Marcus Sullivan of SVN represented the undisclosed seller. David Wong of Century 21 Realty Associates represented the local buyer. The property sold for 95 percent of the asking price.
NEW YORK CITY — Soloviev Group has announced plans for two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component. Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut. The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent or below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives. “Affordable housing, specifically the creation of new …
SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.
SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.
CHICAGO — Gibsons Restaurant Group (GRG) has signed a 15,000-square-foot, ground-floor retail lease at 919 W. Fulton St. in Chicago’s Fulton Market. Fulton Street Cos. is currently developing the 400,000-square-foot, 11-story office building. The lease marks the 13th location for GRG in the Chicago area. The tenant has yet to decide on the new restaurant concept. GRG operates Gibsons Bar & Steakhouse, Gibsons Italia, Hugo’s Frog Bar & Fish House, LUXBAR and Quartino Ristorante & Wine Bar. Alex Najem and Ross Babel negotiated the lease on behalf of Fulton Street on an internal basis. The property is slated for completion in the first quarter of 2025.
CHARLOTTE AND HARRISBURG, N.C. — MPV Properties has announced the addition of new tenants and buildings underway at Farmington, the developer’s master-planned community located in Charlotte and Harrisburg. Chick-fil-A opened at the property in May, and Famous Toastery is planning to open in the second half of 2024 within an outparcel behind the development’s Shop Building I. H.T. Fuel will also open on an outparcel, with construction scheduled to begin directly behind Chick-fil-A in the coming months. Construction is also scheduled to begin on Small Shops II, an 11,865-square-foot retail building. MPV is in negotiations with two tenants to fully occupy the building. The developer has also announced plans for three additional commercial buildings totaling 27,000 square feet, with development expected to begin in early 2024. Additionally, Woodfield Development is nearing completion of The Stead at Farmington, a 275-unit apartment community within Farmington. Upon completion, Farmington, which will also feature for-sale residences, will comprise 600 homes and 275,000 square feet of retail space.
ORLANDO, FLA. — Lincoln Property Co. (LPC) has arranged leases with five new tenants at Church Street Market, the 72,000-square-foot retail portion of the 55 West mixed-use property in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will open a 7,200-square-foot venue, and Luxe Med Spa has leased 3,800 square feet. Each of the tenants is scheduled to open before the end of the year. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of LPC represented the landlord, Hasta Capital, in the lease negotiations.
PARK CITY, UTAH — Crandall Capital is set to break ground on Studio Crossing, a mixed-use development in Park City, in late October. Spanning 320,000 square feet, Studio Crossing will feature 208 affordable housing units, approximately 100 townhomes and condominiums, retail, dining and open-air public spaces. With the first phase of the development slated for completion in 2025, Studio Crossing will add an entirely new neighborhood to Park City, while also providing eco-conscious solutions throughout its buildout. At full build out, the project will include: The project team includes Steed Construction as general contractor and Modern Out West as lead architect.
HOUSTON, MONT BELVIEU AND RICHMOND, TEXAS — Littwitz Investments has arranged three restaurant leases totaling 8,733 square feet in the Houston area. Blue Tuba Euro-Tex Cuisine has signed a 5,141-square-foot lease at the Harold’s Heights retail building in Houston. Additionally, Beaky’s Hot Chicken will open a 2,436-square-foot restaurant in the eastern suburb of Mont Belvieu. Lastly, Cinnaholic Gourmet Cinnamon Rolls will occupy 1,156 square feet at Waterview Town Center in Richmond. David Littwitz of Littwitz Investments represented the tenants in the lease negotiations.
SAN DIEGO — CBRE has negotiated the sale of a freestanding restaurant property located at 16785 Bernardo Center in San Diego. Kim Family Trust sold the asset to a private buyer for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the 8,915-square-foot building. Built in 1987, the asset is within Rancho Bernardo Town Center. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller, while AGAS Real Estate represented the buyer in the transaction.
