Restaurant

The Luminary Opens at Office Building in Downtown Chicago

by Kristin Harlow April 7, 2021

CHICAGO — Food and beverage concept The Luminary has opened at 303 E. Wacker, a 30-story office building in Chicago’s East Loop. The café will offer coffee, tea, pastries, salads, sandwiches and snacks. Cocktails and chef-crafted bites will follow later this year. Infuse Hospitality will operate The Luminary. Infuse is also the team behind Fairgrounds Craft Coffee & Tea. Beacon Capital Partners, the owner of 303 E. Wacker, recently completed a renovation of the 944,000-square-foot building. Designed by architectural firm Norman Kelley, the lobby design now features new flooring, seating, a lighting installation and bar area.

April 7, 2021

California Development Office Restaurant Retail Western

STC Ventures to Develop 500,000 SF of Office Space in Downtown Sunnyvale, California

by Amy Works April 6, 2021

SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, received approval from the Sunnyvale Planning Commission to develop two office buildings totaling 500,000 square feet on the former Macy’s parcel in downtown Sunnyvale. Situated between Taaffe and Murphy avenues, the buildings will be separated by a public pedestrian plaza and each offer 250,000 square feet of office space, 25,000 square feet of ground-level retail space for restaurant and entertainment uses and 13,000 square feet of outdoor space, including terraces and step backs. Additionally, the adjacent properties will offer an underground parking structure with 786 spaces. The office buildings are designed for post-COVID work environments and will feature mechanical systems that will provide employees access to fresh air and ample outdoor space. The buildings are also targeting LEED Gold certification. The office project is the latest portion of the second phase of CityLine Sunnyvale, the redevelopment of four parcels in Sunnyvale’s downtown core that will add residences, ground-level retail and office space. The development team recently received approval for a 12-story mixed-use project at 200 S. Taaffe St. that will include 479 residences, 30,000 square feet of retail space and a public …

April 6, 2021

Market Reports Restaurant Retail Southeast Southeast Market Reports Tennessee

Nashville Retail Market’s Investment Sales, Leasing Activity Defy Pandemic Impact

by John Nelson April 5, 2021

In spite of national trends, news of spiking default rates and a prediction of a national decline in retail tenancy, the middle Tennessee region appears to be emerging in equal (or better) condition from one of the most unusual years in history. Prior to the government-mandated shutdowns last year, retail activity in Nashville was at a fever pitch. A decade of year-over-year population and economic growth created a strong seller’s and landlord’s market, with no end in sight. The University of Tennessee’s Boyd Center for Business and Economic Research projected a 1 million-person population growth for Middle Tennessee by 2040. This strong, sustained growth pushed retail rents up more than 50 percent since 2010 and represents one of the largest cumulative increases in the nation, behind only Miami and Austin. In 2019, the Nashville region saw asking rents above the national average, according to CoStar Group. One year ago, the sudden and unexpected COVID-19 shutdowns made the collective hearts of 2008 survivors skip a beat. A real concern of what the next week or month might look like hit both landlords and tenants in the region, particularly in the downtown retail district that is historically reliant on tourism. As music …

April 5, 2021

Acquisitions Idaho Restaurant Retail Western

Wood Investments Acquires CentrePoint Marketplace in Meridian, Idaho for $35M

by Amy Works March 30, 2021

MERIDIAN, IDAHO — Wood Investments Cos. has purchased CentrePoint Marketplace, a community shopping center located on 19.3 acres at 3319 N. Eagle Road in Meridian. Built in 2007, the 197,288-square-foot property was fully occupied at the time of sale. Tenants include Kohl’s, Dick’s Sporting Goods, Walgreens, Qdoba Mexican Eats, Panera Bread, Wingers Restaurant & Alehouse, Downeast Home, Hobby Lobby, Moxie Java and 360 Wireless. Chad Moore of Salt Lake City-based Mountain West Commercial Real Estate represented the buyer. The seller was Centrepoint Marketplace LLC, a Utah limited liability company.

March 30, 2021

Acquisitions Midwest Ohio Restaurant Retail

Mohr Capital Sells Texas Roadhouse Ground Lease in Steubenville, Ohio

by Kristin Harlow March 30, 2021

STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.

March 30, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast

Gridline Properties Arranges $5.4M Sale of Former Methodist Church and School in Miami

by Julia Sanders March 24, 2021

MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.

March 24, 2021

Kentucky Leasing Activity NAI Restaurant Southeast

NAI Isaac Facilitates Retail Lease with Buzzed Bull Creamery in Lexington, Kentucky

by Julia Sanders March 23, 2021

LEXINGTON, KY. — NAI Isaac has facilitated a retail lease with Buzzed Bull Creamery at The Summit Fritz Farm in Lexington. Zach Smith and Paul Ray Smith of NAI Isaac represented the tenant alongside Sherry Sanchez with RESOLUT RE. Samantha Merrell of Bayer Properties represented the landlord on an internal basis. Buzzed Bull Creamery is an ice cream and milkshake purveyor offering made-to-order, alcohol and non-alcohol frozen desserts and coffee. The ice cream business has locations in 12 states. The company’s new Summit at Fritz Farm location will be situated at the main entrance of the development. The 940-square-foot shop is slated to open this summer. The Summit at Fritz Farm is a mixed-use development with more than 60 street-level retail shops, over 20 dining options, The Offices at Fritz Farm and The Henry apartments. Existing tenants include Apple, Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, lululemon athletica, Kendra Scott, Marine Layer, Warby Parker, CRU Food & Wine Bar, Anthropologie, Ariat, Brooks Brothers and LUSH Cosmetics, among others.

March 23, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $2.5M Sale of Raising Cane’s-Occupied Property in Indiana

by Kristin Harlow March 22, 2021

MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.

March 22, 2021

Leasing Activity New York Northeast Restaurant Retail

Piazzetta Italian Kitchen & Bar to Open 3,000 SF Restaurant in West Islip, New York

by Taylor Williams March 22, 2021

WEST ISLIP, N.Y. — Piazzetta Italian Kitchen & Bar has signed a lease to open a 3,000-square-foot restaurant at a 19,757-square-foot retail center in the Long Island hamlet of West Islip. The center is under construction at 425 Union Blvd. and will house other tenants such as 7-Eleven and Brownstone Coffee. Christopher Mayor and Lawrence Densen of Island Associates Real Estate brokered the lease negotiations. The restaurant will be the chain’s fifth.

March 22, 2021

California Loans Mixed-Use Office Restaurant Retail Western

George Smith Partners Arranges $45.6M Loan for Lido Marina Village in Newport Beach

by Amy Works March 19, 2021

NEWPORT BEACH, CALIF. — George Smith Partners has arranged $45.6 million in bridge financing on behalf of DJM Capital for the recapitalization of Lido Marina Village, a multi-block, waterfront retail and office property on Balboa Peninsula in Newport Beach. Lido Marina Village features 106,000 square feet of retail, restaurant and office space in 14 separate structures, including waterfront retail and restaurant space, as well as 47 boat slips. Current tenants include Nobu, Malibu Farm, Elysse Walker, LoveShakeFancy, Serena & Lily and Jenni Kayne. Steve Bram, David Pascale and Patrick O’Donnell of George Smith Partners secured the financing. Arc Capital Partners is an equity partner in the transaction. Since acquiring the asset in 2013, DJM has implemented extensive renovations to the property and rebranded Lido Marketplace as a boutique and restaurant destination.

March 19, 2021

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