VERNON HILLS, ILL. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.
LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.
NEWPORT, KY. — Cincinnati-based North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of NAP’s redevelopment of Newport on the Levee, which originally opened in 2001. The Galley on the Levee is set to open in summer 2023 and will mark Galley Group’s entry into the Kentucky market. In addition to the food hall, several other restaurants are currently under construction at the mixed-use development, including Shiners on the Levee, 16 Lots Brewing Co. and Amador. Shiners will soft-open during Thanksgiving week and host grand opening festivities in early December, while 16 Lots and Amador are slated to open next spring, according to NAP.
WESTMINSTER, COLO. — Willow Run Investors, an entity operated by Gart Properties, has completed the sale of Willow Run, a retail center located at 12900-12910 Zuni St. in Westminster. Denver-based CentrePoint Properties acquired the asset for $10.9 million. Tenants at the 91,565-square-foot shopping center include Frolic Brewing Co. and Big Liquor Warehouse. The property also offers ample parking and close proximity to Interstate 25. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction.
By Tom Georges, investment sales broker, Northmarq The U.S. economy reported annualized growth of 2.6 percent in gross domestic product (GDP) in the third quarter, thereby avoiding a third consecutive quarter of negative growth. This positive news can be easily tempered by the fact that the growth was greatly affected by trade and inventory numbers, which were skewed as a result of world events like the war in Ukraine. But the news of growth was welcomed in an economy that has been starved for something positive for most of the year. Compounding the economic caution in the absence of sustained economic growth, of course, is the strain that inflation has inflicted on all Americans. In response to 40-year inflationary highs, the Federal Reserve has been forced to react with its primary inflation-countering tool: increasing interest rates. In early November, the Fed raised short-term rates to their highest level since January 2008. Additional rate hikes are anticipated in December, although signals suggest we’ll see increases in smaller increments going forward. Still, amid all the turmoil and uncertainty, several quick service restaurant (QSR) operators continue to roll out expansion plans and report better-than-expected sales and earnings. Restaurant Brands International (NYSE: QSR) recently …
AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.
GAHANNA, OHIO — The Cooper Commercial Investment Group has arranged the $1.7 million sale of a restaurant building occupied by Taco Bell in Gahanna, a northwest suburb of Columbus. The property serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The sales price represents a cap rate of 4.5 percent and $694 per square foot. Taco Bell signed a 20-year lease extension at the property in 2020.
TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …
GAHANNA, OHIO — The Cooper Commercial Investment Group has negotiated the $2.5 million sale of a restaurant property occupied by McDonald’s in Gahanna, a northeast suburb of Columbus. Constructed in 2011, the building serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The asset sold at full list price, representing a cap rate of 3.5 percent and $540 per square foot.
MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
