Restaurant

SRS Real Estate Partners Negotiates $6.2M Sale of Two Retail Properties in Chino, California

by Amy Works October 24, 2022

CHINO, CALIF. — SRS Real Estate Partners has arranged the sales of two single-tenant retail buildings that are outparcels to Country Fair Shopping Center, a 168,000-square-foot shopping center in Chino. Separate California-based private investors acquired the assets from a Southern California-based private investor for a total of $6.2 million. Quick-service-restaurants Wienerschnitzel and Carl’s Jr. occupy the two buildings. Built in 1976 at 11901 Central Ave., the 1,600-square-foot, Wienerschnitzel-occupied building sold for $2.4 million. The tenant has approximately seven years remaining on its corporate lease. Constructed in 2016 at 12005 Central Ave., the 3,796-square-foot, Carl’s Jr.-occupied property sold for $3.7 million. The tenant has about 12 years remaining on its corporate lease. Matthew Mousavi and Patrick Luther of SRS National Net Lease Group represented the seller in the transactions.

October 24, 2022

1821-1871-S-San-Jacinto-Ave-San-Jacinto-CA

Acquisitions California Restaurant Retail Western

Faris Lee Brokers $10.5M Sale of Two Retail Outparcel Buildings in San Jacinto, California

by Amy Works October 20, 2022

SAN JACINTO, CALIF. — Faris Lee Investments has arranged the sale two outparcel retail buildings, located at 1821-1871 S. San Jacinto Ave. in San Jacinto. A Northern California-based buyer in a 1031 exchange acquired the assets from an undisclosed seller for $10.5 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the seller, while Keegan & Coppin represented the buyer in the deal. The 14,883-square-foot property comprises two multi-tenant buildings. Current tenants at the properties include GameStop, Great Clips, Wing Stop, T-Mobile, a Bank of America ATM and local retailers.

October 20, 2022

Development Healthcare Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

Northwood Investors Adds Two New Concepts to Metropolitan Shopping Center in Midtown Charlotte

by John Nelson October 19, 2022

CHARLOTTE, N.C. — Northwood Investors LLC has added two new tenants to Metropolitan, a mixed-use development and lifestyle shopping center located in Midtown Charlotte. The new concepts include Yuliya’s Ice Cream, a locally based, woman-owned ice cream company founded by Belarusian immigrant Yuliya Shvinhelskaya. The eatery will open at Metropolitan, its first brick-and-mortar shop, in early 2023. The other concept is Removery, the largest specialized provider of tattoo removal services. The company operates nearly 100 locations. Other newcomers to Metropolitan include European Wax Center, Open Rice and Clean Your Dirty Face. In addition to new tenants, Northwood Investors is unveiling the refresh of Metropolitan’s exterior that includes new signage, enhanced lighting along the bike path, colorful banners along Charlottetowne Avenue and South Kings Drive, metal and fabric garage screens and vertical wood and warmer colors throughout. Other upcoming renovations include updated landscaping and interior furnishings.

October 19, 2022

Acquisitions California Restaurant Retail Western

Citivest, Hutensky Sell The Shops at Palm Promenade in San Diego for $41.5M

by Amy Works October 19, 2022

SAN DIEGO — A private exchange buyer and a single-tenant REIT have purchased The Shops at Palm Promenade, a newly constructed shopping center in San Diego, for a combined value of $41.5 million. El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Alyssa Mera of Colliers’ Orange County-based National Retail Capital Markets team represented the sellers, Citivest and Hutensky Capital Partners, in the transactions. The private exchange buyer acquired 765, 762, 764, 780 and 804 Dennery Road for a total of $25.8 million. Chick-fil-A, Starbucks Coffee, Jersey Mike’s Subs and The UPS Store are tenants at the 24,120-square-foot space. The single-tenant REIT purchased the 45,308-square-foot Burlington building at 760 Dennery Road for $15.7 million.

October 19, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Alfred Sanzari Enterprises to Open 3,350 SF Food Hall in Teaneck, New Jersey

by Taylor Williams October 17, 2022

TEANECK, N.J. — Locally based owner and developer Alfred Sanzari Enterprises will open Marketplace, a 3,350-square-foot food hall in the Northern New Jersey community of Teaneck. Located within the firm’s 670,000-square-foot Glenpointe campus, Marketplace has already received commitments from concepts such as kosher deli Ma’adan, Colombian coffee shop Coffeecol, French-inspired Balthazar Bakery and ice cream maker Sip N Swirl. Marketplace will officially open this Friday, Oct. 21. White Lodging will manage the venue.

October 17, 2022

Acquisitions California Restaurant Retail Western

SBH Real Estate Group Divests of Raising Cane’s-Occupied Property in Alhambra, California for $8.2M

by Amy Works October 14, 2022

ALHAMBRA, CALIF. — SBH Real Estate Group has completed the disposition of the ground lease for a single-tenant restaurant building in Alhambra. A Southern California-based private investor acquired the asset for $8.2 million. Raising Cane’s Chicken Fingers occupies the 3,957-square-foot property, which is situated on 1.4 acres at 1300 E. Valley Blvd. The newly developed building features the restaurant’s latest prototype design and opened for business in June 2022. The property offers a double drive-thru and includes a 704-square-foot outdoor patio area. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, Eric Silverman of SBH Real Estate Group, while Voit represented the buyer in the deal. Ben Townsend and Matt Marlin of SRS’ debt and equity group procured acquisition financing for the buyer.

October 14, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Birdsmouth Beer to Open 12,080 SF Brewery in Oceanport, New Jersey on Oct. 15

by Taylor Williams October 12, 2022

OCEANPORT, N.J. — Birdsmouth Beer will open a 12,080-square-foot brewery in the coastal New Jersey community of Oceanport on Saturday, Oct. 15. The craft beer provider will operate out of The Commissary, a 53,000-square-foot food hall that is part of the redevelopment of the former Fort Monmouth military base. Gary Krauss of Pierson Commercial represented Birdsmouth Beer in the lease negotiations. Suzanne Macknow of CBRE represented the owner, Denholtz Properties, which also recently inked a 19,567-square-foot lease with MGT Foods.

October 12, 2022

Acquisitions Illinois Midwest Restaurant Retail

Greenstone Partners Brokers $2.3M Sale of Starbucks-Occupied Property in Lakemoor, Illinois

by Kristin Harlow October 11, 2022

LAKEMOOR, ILL. — Greenstone Partners has brokered the $2.3 million sale of a newly constructed retail property occupied by Starbucks in Lakemoor, which is located in Northeast Illinois. The net-leased property sold at a cap rate of 4.55 percent and $1,029 per square foot, marking the lowest cap rate ever for a Starbucks property in Illinois, according to CoStar. The building is situated within the larger Lakemoor Commons, which is home to tenants such as Heartland Dental, Chipotle, Buona Beef and a multi-tenant retail center. Brewster Hague and Jason St. John of Greenstone represented the seller, a Chicago-area developer. The duo also procured the buyer, a private entity based in California completing a 1031 exchange.

October 11, 2022

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $1.9M Sale of Chili’s Ground Lease in Plainfield, Illinois

by Kristin Harlow October 5, 2022

PLAINFIELD, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Chili’s ground lease in Plainfield, about 40 miles southwest of Chicago. The restaurant building spans 6,150 square feet. The property at 12740 Illinois Route 59 is situated near Target, Ross Dress for Less and Five Below stores. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a Chicagoland private investor and limited liability company. The property sold at the full list price.

October 5, 2022

Acquisitions Development Florida Mixed-Use Restaurant Retail Southeast

BSD Capital to Redevelop 148,857 SF Former Sears Department Store and Automotive Center in Ocala, Florida

by John Nelson October 5, 2022

OCALA, FLA. — BSD Capital recently purchased a former Sears department store and Sears Automotive Center in Ocala spanning 148,857 square feet. An affiliate of Seritage Growth Properties, the spun-off REIT from Sears Holding Corp., sold the buildings at a private auction for $3.2 million. Louie Granteed of Tobin Real Estate represented BSD Capital in the acquisition and is leading leasing efforts for the new owner’s redevelopment that will convert the property to a retail and entertainment destination. Granteed says that prospective tenants for the redevelopment include grocers, big-box retailers and entertainment operators. Located on 12 acres near I-75, the former Sears once served as an anchor to Paddock Mall, an enclosed regional mall that is still open and operating with tenants including Belk, Macy’s, JCPenney and more than 90 specialty stores.

October 5, 2022

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