WHITTIER, CALIF. — Buchanan Mortgage Holdings has provided a $25 million construction loan for the development of Whittier Retail Center, a family-oriented shopping center at the entrance of The Groves residential community in Whittier. The 16-acre retail site will feature a Stater Bros. Markets, In-N-Out Burger, Raising Cane’s Chicken Fingers, Chipotle Mexican Grill, EOS Fitness and a public food market.
LOS ANGELES — Primestor Development, along with Nadel Architecture + Planning as architect, has completed the development of Freedom Plaza, the retail component of the Jordan Downs mixed-use community in Los Angeles’ Watts neighborhood. Located at 9901 S. Alameda St., Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces. Tenants at the plaza include Smart & Final Extra!, Blink Fitness, Nike, Ross Dress for Less, Starbucks Coffee and The Habit. The property also features an architectural fountain designed and constructed by OTL, based on a general concept by landscape architects Fong Hart Schneider-Partners. The water feature incorporates a public art piece titled “Instill,” which is composed of dark gray polished natural basalt columns with hidden lights. The art installation fulfills a 1% for Art Programs ordinance by the City of Los Angeles mandating that 1 percent of the cost of any public works capital-improvement project be set aside for an art component.
NEWPORT BEACH, CALIF. — Year-over-year revenue for Chipotle Mexican Grill (NYSE: CMG) increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the total restaurant count to 2,710. The company rolled out its “Chipotlane” drive thru at 26 of the 44 new restaurants. The chain also saw its restaurant-level operating margin dip to 19.5 percent, a decrease from 20.8 percent in third-quarter 2019. As of Sept. 30, Chipotle has $1.1 billion in cash, investments and restricted cash, and no debt, along with a $600 million untapped credit facility with which to continue to navigate impacts of the COVID-19 pandemic.
ST. PETERS, MO. — Pappy’s Smokehouse is the latest business to join the tenant roster at The Shoppes at Mid Rivers in the suburban St. Louis community of St. Peters. The 2,800-square-foot restaurant is expected to open by the end of this month. This is the second location for Pappy’s, which serves signature dry-rubbed baby back ribs. GBT Realty Corp. owns The Shoppes at Mid Rivers, which opened in 2018 and is home to a mix of retailers such as Academy Sports, HomeGoods, Ulta, Marshalls and Outback Steakhouse.
STREETSBORO, OHIO — Slim Chickens, a fast-casual restaurant, has opened its newest location in Streetsboro, about 30 miles southeast of Cleveland. David Giesen is the franchisee behind the Streetsboro restaurant. He has opened 16 restaurant franchises with the Arby’s and Freddy’s brands. The Streetsboro Slim Chickens is expected to create 75 new jobs in the community. Since its founding in 2003, Slim Chickens has grown to more than 100 restaurants in 17 states with a goal of opening 600 restaurants by 2025. This is the brand’s second location in Ohio. Fayetteville, Ark.-based Slim Chickens is known for its fried chicken and Southern-inspired sides.
CHICAGO — Cheba Hut will open its first Illinois location in Chicago’s Wicker Park on Monday, Oct. 19. The marijuana-themed sandwich shop is located at 1948 W. Division St. The “toasted” sub shop offers over 30 signature sub sandwiches, as well as a variety of treats, salads and munchies and a full-service bar. Drinks like the Dirty Hippie, Hot Box and Cheba Rita are all Cheba Hut signatures. The restaurant will enforce current COVID-19 guidelines, including heightened sanitation protocols, social distancing requirements and requiring all guests and staff to wear face masks. Chicago residents Lance Frericks and Chris Custer are opening the first Illinois location. Cheba Hut was founded in 1998. Its previous Midwest representation consisted of a single shop in Madison, Wis.
NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.
SOUTH HOLLAND, ILL. — JLL Capital Markets has arranged the $2.7 million sale of a three-tenant retail building in South Holland near Chicago. The 5,000-square-foot property is home to Chipotle, JJ Fish & Chicken and an unnamed corporate wireless provider. Alex Sharrin, Alex Geanakos and Eric Cline of JLL represented the seller, Glazier Corp., which is a local Chicago developer. A Southern California-based private investor purchased the asset.
BAY CITY AND SOUTHGATE, MICH. — Domino’s plans to open two new locations in Michigan. The Ann Arbor-based pizza chain leased 2,500 square feet at the corner of Washington Avenue and 7th Street in downtown Bay City, about 15 miles north of Saginaw. In addition, Domino’s purchased a 2,000-square-foot building formerly occupied by Radio Shack in Southgate, about 15 miles southwest of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented Domino’s in both deals. The pizza chain did not provide any details on when the restaurant openings will occur.
WESTMONT, ILL. — Whiskey Hill Brewery & Kitchen has leased 3,740 square feet at Quincy Station in Westmont, about 18 miles west of Chicago. The company will operate a restaurant and bar at the new space. Whiskey Hill currently operates a production facility and tap room in Westmont. Restaurant industry veterans Matt Weil and Rob Salerno founded the company in 2018. Michael O’Connor of Holladay Properties negotiated the new lease at Quincy Station, which is a residential and retail project slated for completion in December 2021.
