MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” said CEO Shawn Lederman in a statement Wednesday, playing off the lyrics to the popular Ruby Tuesday song recorded by The Rolling Stones, which was released prior to the company’s founding in 1972. In response to the pandemic, Ruby Tuesday implemented a number of new practices including an expansion of third-party delivery and off-premise services, the introduction of a virtual kitchen initiative and the launch of ‘Ruby’s Pantry,’ an option which allows customers to purchase uncooked food, groceries and other essentials for delivery through the company’s website. With in-store dining historically representing over 90 percent of the company’s total sales, these initiatives are expected to play a part in Ruby’s Tuesday’s …
SANTA ANA, CALIF. — Faris Lee Investments has brokered the $4.3 million sale of a retail property leased to Starbucks Coffee in Santa Ana. Starbucks recently signed a 10-year, corporate-guaranteed lease at the freestanding building, which is located at 2701 N. Grand Ave., 30 miles southeast of downtown Los Angeles. Shaun Riley and Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based private family investor, in the transaction. The sale closed five days before the buyer’s deadline for completing a 1031 exchange. Patrick Wade and Alex Kozakov of CBRE represented the undisclosed seller.
CHICAGO — McDonald’s reported that its U.S. same-store sales rose 4.6 percent in its third quarter, which ended Sept. 30. President and CEO Chris Kempczinski cites the fast food chain’s drive-thru presence, delivery and digital capabilities as furthering its competitive advantage. The Chicago-based company says that more Americans turned to McDonald’s for dinner and promotional activity such as the Travis Scott meal drove sales. McDonald’s plans to release full third-quarter earnings before the market opens Nov. 9 and will also broadcast its investor earnings conference call that day.
NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has completed building a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the 9,982-square-foot project serves as a flagship dispensary for the brand. The building features an open floor plan with high vaulted ceilings and abundant natural light. To accommodate social distancing, all points of sale are six feet apart. In addition to the retail space, the project features back-office space with a secure vault for inventory storage and an advanced security system.
DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.
DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.
Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …
LOUISVILLE, KY. — PRG Commercial Property Advisors has arranged the $9.3 million sale of Stonybrook South Shopping Center, a 149,000-square-foot retail property in Louisville. At the time of sale, the 14.5-acre center was leased to Dick’s Sporting Goods, Planet Fitness, PetSmart, Rack Room Shoes and Burkes Outlet, which opened Sept. 21. Stonybrook South is situated at 3500 S. Hurstbourne Parkway, 13 miles east of downtown Louisville. Fred Sutterlin of PRG Commercial was the court-appointed receiver for the property, which was in foreclosure from February 2018 to Sept. 21, 2020. During that time, Taylor Thompson, Reed Weinberg and Parker Page, who are also with PRG, were engaged to lease, manage, market and sell the asset. Midland Loan Services serviced the foreclosed conduit loan and chose Sutterlin as receiver and PRG as the brokerage firm through a competitive process. A locally based private investor that was completing a 1031 exchange closed on the purchase of Stonybrook South on Oct. 2. According to Sutterlin, the previous ownership was a tenancy in common (TIC) group of investors operating under the name TIC Stonybrook LLC.
STONE MOUNTAIN, GA. — Colliers International has negotiated the $3.8 million sale of Indian Creek Crossing, a 63,650-square-foot, grocery-anchored shopping center in Stone Mountain. Food Depot anchors the center, which was 88 percent leased at the time of sale to tenants including Family Dollar and local retailers. Indian Creek Crossing is situated at 4100 Redan Road, 11 miles east of downtown Atlanta. Joe Montgomery and Tony D’Ambrosio of Colliers represented the seller, Tarrytown, N.Y.-based DLC Management. Locally based private investor Vishal I LLC acquired the asset, which was originally built in 1994.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Walgreens-occupied property in Indianapolis for $4 million. The 15,120-square-foot building is located at 455 E. Epler Ave., near Epler Medical Parke. Walgreens recently extended its lease for 10 years. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Pennsylvania-based real estate investment fund. The duo also represented the buyer, an Indiana-based private investor.