WASHINGTON, D.C. — The majority of full-service and limited-service restaurant operators say that business conditions are worse now than they were three months ago, according to a new survey conducted by the National Restaurant Association. The study found that 44 percent of operators think it will take more than a year before business conditions return to normal, and 19 percent believe they never will. The National Restaurant Association conducted the study from Sept. 7-15 and surveyed 4,000 restaurant operators nationwide. Although the industry has added back many of the jobs lost during the pandemic, 78 percent of operators say their restaurant does not have enough employees to support current customer demand. Rising costs are impacting restaurants too. According to the survey, 91 percent of operators are paying more for their food; 84 percent have higher labor costs; and 63 percent are paying higher occupancy costs. At the same time, profitability is down — 85 percent of operators reported smaller margins than prior to the pandemic. While August is typically one of the busiest months for restaurants, 63 percent of operators reported that their sales volume for August 2021 was lower than it was in August 2019. Additionally, 78 percent of …
Retail
ATLANTA — JLL Capital Markets has arranged the $16 million sale of Main Street South Fulton, a 129,449-square-foot, Kroger-anchored shopping center in the Atlanta neighborhood of South Fulton. Main Street South Fulton is fully leased to retailers including Dollar Tree, Rainbow USA, Pizza Hut and Subway. Located at 6055 Old National Highway, the shopping center is approximately three miles south of Hartsfield-Jackson Atlanta International Airport. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based M&P Shopping Centers, in the transaction. Benjamin Bruner of the Bruner Group represented the buyer, New York City-based Irgang Group Inc.
FORT PIERCE, FLA. — Miami-based Frontier Cos. has broken ground on a new retail development located in Fort Pierce. Located 5000 Okeechobee Road, the 10,750-square-foot retail center will include a 3,750-square-foot Aspen Dental, a 3,500-square-foot CareNow urgent care clinic and another 3,500-square-foot space for a future tenant. The plaza is being built on a 1.6-acre lot and will include 87 parking spaces. A Cowboys BBQ & Steak restaurant previously occupied the development site.
ALGONQUIN, ILL. — Ashley HomeStore has signed a 48,397-square-foot retail lease at 1500 S. Randall Road within Algonquin Commons, a 600,000-square-foot lifestyle center in the northwest Chicago suburb of Algonquin. The retailer is relocating from nearby 2451 S. Randall Road where it operated for 12 years. Brad Murchison, Chris Irwin and Brad Belden of Colliers International represented the tenant in the lease transaction. Marget Graham of Mid-America Real Estate Group represented the landlord, Red Mountain Retail Group Inc. Based in Wisconsin, Ashley is a furniture manufacturer that operates more than 900 locations nationwide.
CHICAGO — Cushman & Wakefield has brokered the sale of the Tesla Service Center of Chicago property located at 3059-3057 N. Elston Ave. for $13.1 million. Located in Chicago’s Avondale neighborhood, the build-to-suit for Tesla opened in 2019. The service center spans 31,700 square feet and provides maintenance and repairs for all Tesla models. Michael Marks, Evan Halkias, David Matheis and Eric Cline of Cushman & Wakefield represented the seller, a private owner. Exan Capital acquired the property on behalf of a separate account, Chicago Elston One LLC. Exan is an independent real estate fund manager with asset management services.
D.A. Davidson Arranges $106M in Bonds for 278-Acre Black Desert Resort at Entrada in Utah
by Amy Works
IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.
LEWISVILLE, TEXAS — Weitzman has arranged the sale of The Shops at Vista Ridge, a 74,837-square-foot retail center located in the northern Dallas suburb of Lewisville. Texas Family Fitness and Harbor Freight Tools are the center’s anchor tenants, and other users include Salons by JC, McAlister’s Deli, Smoothie King and Hobbytown USA. Matthew Rosenfeld, Kevin Butkus and Giovanni Scardino of Weitzman handled negotiations on behalf of the seller, a partnership between New Jersey-based Lamar Cos. and Colorado-based Real Capital Solutions. The buyer was an undisclosed, locally based investment group.
SELINSGROVE, PA. — JLL has negotiated the $44.8 million sale of Monroe Marketplace, a 372,794-square-foot retail power center in Selinsgrove, about 170 miles northwest of Philadelphia. Giant Food Stores anchors the property, and other soft goods retailers include T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross Dress for Less, Michaels, Old Navy, PetSmart and Ulta Beauty. Restaurant users include Longhorn Steakhouse and Buffalo Wild Wings. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed institutional seller in the transaction. Acadia Realty Trust purchased the asset for an undisclosed price.
NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented Greenberg Gibbons and the unnamed seller in the transaction. The sales price was not disclosed, but Greenberg Gibbons acquired the asset in conjunction with a 92,000-square-foot center in Maryland for a combined $34.6 million.
JLL Capital Markets Negotiates $37.5M Sale of 187,851 SF Marketplace Beaumont in California
by Amy Works
BEAUMONT, CALIF. — JLL Capital Markets has brokered the sale of Marketplace Beaumont, a shopping center situated on 51.7 acres at 1604, 1693 and 1642 E. Second St. in Beaumont. Completed in 2008, the 187,851-square-foot property was 91 percent occupied at the time of sale. Tenants include ALDI, Ross Dress for Less, Best Buy, Petco and Bed Bath & Beyond. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the buyer, while Aldon Cole and Pat Burger of JLL Debt Advisory team represented the seller, a private family trust that originally developed the center, in the deal. JLL worked with Brixton Capital to source the transaction and structure the existing financing.