Restaurant

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson April 26, 2023

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

April 26, 2023

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Brokers $3.2M Sale of Restaurant Property in Fort Wayne, Indiana

by Kristin Harlow April 26, 2023

FORT WAYNE, IND. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot restaurant property occupied by Biaggi’s Ristorante Italiano in Fort Wayne. The freestanding, net-leased building is located at 4010 W. Jefferson Blvd. It was constructed as a build-to-suit for the restaurant in 2001. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its lease at the Fort Wayne property.

April 26, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $8.1M Portfolio Sale of Two Single-Tenant Retail Properties in Brandon, Florida

by John Nelson April 25, 2023

BRANDON, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center located at 11201-11255 Causeway Blvd. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 transaction. The buyer was an unnamed, private investor based in New York.

April 25, 2023

Illinois Leasing Activity Midwest Restaurant Retail

Sancerre Leases 7,000 SF in Chicago’s Fulton Market for New Restaurant

by Kristin Harlow April 25, 2023

CHICAGO — Sancerre Hospitality has signed a 7,000-square-foot, ground-floor retail lease at 1045 On Fulton in Chicago’s Fulton Market. The space will serve as the Chicago-based restaurant group’s newest establishment in the city. Fulton Street Cos. and Intercontinental Real Estate Corp. own 1045 On Fulton, which is a 150,000-square-foot office building with 7,000 square feet of retail space. The property opened in 2021. Sancerre recently named Joe Flamm as culinary director and he will oversee culinary affairs for the new restaurant, whose concept is yet to be determined. Sancerre, which expects to open the new restaurant in early 2024, also operates Rose Mary and BLVD Steakhouse, which are located down the street from 1045 On Fulton. Cal Wessman represented ownership on an internal basis.

April 25, 2023

Development Mixed-Use Restaurant Southeast Tennessee

Monday Night Brewing to Open Taproom at Kern’s Bakery Mixed-Use Development in Knoxville

by John Nelson April 24, 2023

KNOXVILLE, TENN. — Atlanta-based brewery Monday Night Brewing will open a taproom within Kern’s Bakery Food Hall at Kern’s Bakery, a 16-acre mixed-use development currently underway in Knoxville. The taproom, which will mark Monday Night’s sixth location and second in Tennessee, will comprise 3,000 square feet with access to a patio and the 7,000-square-foot event lawn. Monday Night will also manage the primary bar for the food hall, two separate rooftop patio bars and a smaller bar near the interior performance stage. The food hall comprises the second phase of Four Stones Real Estate’s project, the first phase of which consists of a 310-unit apartment community called Flagship Kerns that opened last year.

April 24, 2023

Acquisitions Iowa Midwest Nebraska North Dakota Restaurant Retail Wisconsin

Marcus & Millichap Brokers $35.1M Sale of Midwest Arby’s Portfolio

by Kristin Harlow April 24, 2023

IOWA, MONTANA, NORTH DAKOTA, NEBRASKA AND WISCONSIN — Marcus & Millichap has brokered the sale of a 22-property portfolio occupied by Arby’s in the Midwest for $35.1 million. The net-leased assets are located in Iowa, Montana, North Dakota, Nebraska and Wisconsin. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller, an Arby’s franchisee. As part of the sale, new leases were executed for the properties. The buyer was undisclosed.

April 24, 2023

Leasing Activity Restaurant Retail Texas

LEVCOR Signs Four Tenants to Retail Leases at Post Oak Plaza in Houston

by Taylor Williams April 21, 2023

HOUSTON —Locally based developer LEVCOR has signed four new tenants to leases at Post Oak Plaza, a shopping center in Houston. Restaurants Rakkan Ramen and Tacodeli will occupy 1,856 and 2,833 square feet, respectively. Additionally, Kohler will open a 4,038-square-foot kitchen and bath showroom, and Bassett Furniture has committed to 9,597 square feet. Previously announced tenants that are also scheduled to open this year include Nando’s Peri Peri, Balboa Surf Club and Bosch/Thermador/Gaggenau.

April 21, 2023

Development Florida Multifamily Restaurant Retail Southeast Top Stories

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Leasing Activity New York Northeast Restaurant Retail

Golfzon Social to Open 18,000 SF Entertainment Center in Brooklyn

by Taylor Williams April 19, 2023

NEW YORK CITY — Golfzon Social, an entertainment concept that centers on golf simulation, will open an 18,000-square-foot center at 11 Hoyt, a 57-story residential development in Brooklyn by Tishman Speyer. The venue will offer 16 hitting bays, screens for watching live sports, a chef-driven menu, craft cocktails and beers and an onsite professional for private lessons. Don Cafero of JLL represented Golfzon Social in its site selection and lease negotiations. Tishman Speyer was self-represented. The opening is scheduled for the fall.

April 19, 2023

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