DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.
WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.
HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.
NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.
BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.
HOUSTON — Puttshack, an entertainment concept that combines tech-infused minigolf with food and beverage offerings, will open a new, 26,000-square-foot venue at The Shops at Houston Center in the city’s downtown area. Puttshack recently opened its first venue in Atlanta and has plans to open additional facilities in Chicago, Miami, Boston and Nashville. The opening of the Houston facility is slated for late 2022. Brookfield Properties owns The Shops at Houston Center in partnership with Spear Street Capital.
WESTMINSTER, COLO. — Cushman & Wakefield has arranged the sale of a retail portfolio comprising three inline shop buildings located within Westminster Crossings shopping center in Westminster. Colorado-based Coco’s Place acquired the asset from Centre Point Properties for $9.8 million. Totaling 28,705 square feet of gross leasable space, the multi-tenant property was 100 percent leased to a mix of regional and national tenants. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the deal.
TULSA, OKLA. — Stan Johnson Co., a Tulsa-based brokerage firm focused on net-leased assets, has negotiated the $13.7 million sale of a portfolio of 10 restaurant properties totaling 25,643 square feet that are leased to Taco Bueno. The properties are located in various cities in Texas and Oklahoma. Josh Pardue of Stan Johnson Co. represented the seller, New York-based private equity firm U.S. Realty Advisors LLC, in the transaction. The buyer was Dallas-based Centric Capital Partners. The deal traded at a cap rate of 7.22 percent.