AUSTIN, TEXAS — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press conference on Monday afternoon, notably giving bars the option to begin reopening on Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase their occupancy levels to 50 percent, and Texas public schools now have the option to conduct in-person summer school classes. The order stipulates that all of the above businesses must adhere to proper social distancing guidelines and minimum standard health protocols established by the Texas Department of State Health Services.
CHICAGO — SVN Chicago Commercial has arranged the sale of the Chicago BrauHaus restaurant property for $3.1 million. The historic building is located at 4732 N. Lincoln Ave. within Chicago’s Lincoln Square. Tim Rasmussen and Marcus Sullivan of SVN represented the buyer, GW Properties. Matt Feo of Essex Realty Group represented the sellers, Harry and Guenter Kempf, who are longtime owners of the Chicago BrauHaus. The restaurant closed in late 2017 after 52 years.
GRAND RAPIDS AND KENTWOOD, MICH. — Two new Popeyes Louisiana Kitchen locations are slated to open in West Michigan this summer. A restaurant at 5448 Division Ave. SE in Kentwood is scheduled to open on June 29. The second restaurant, located at 2446 28th St. SE in Grand Rapids, is expected to open in early August. Franchisee Anthony Basile will operate both locations. Colliers West Michigan worked with Basile to secure the locations. Chris Prins of Colliers represented Popeyes. There are more than 2,700 Popeyes restaurants in the U.S. and around the world.
SAN DIEGO — Retail Insite has directed the sale of a freestanding building located at 1020 Garnet Ave. in San Diego’s Pacific Beach neighborhood. Tanye Blane sold the asset to an undisclosed buyer for $2 million. The buyer plans to reposition the 4,500-square-foot property, which Five Guys Burgers and Fries currently occupies. Brian Pyke and Allison Campbell of Retail Insite represented the seller and buyer in the transaction.
SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.
On May 8, Southeast Real Estate Business and Shopping Center Business magazines hosted “Atlanta Retail Reboot,” a webinar where experts from the Atlanta investment, retail and brokerage communities were invited to discuss what they are seeing in the retail market, the impact of the coronavirus on existing properties and on new developments, as well as what retail and restaurants will look like in the near and long term. Many retailers have been closed for weeks due to COVID-19, and the retail industry is facing a tough comeback. Listen to learn what leaders in the metro Atlanta retail real estate community are expecting for the rest of 2020. Shopping Center Business editor Randall Shearin moderates a candid discussion on what to look forward to in terms of recovery for the Atlanta’s retail owners and tenants. Webinar sponsor: Retail Specialists, a full-service, retail-centric real estate company with a focus on the Southeast and beyond. Their services include leasing and brokerage, retailer representation, property management and development. Panelists: Emil Gullia, Retail Specialists Kyle Stonis, SRS Tom McCarty, Jim ‘N Nick’s Jeff Garrison, S.J. Collins Enterprises Bill Brown of Halpern Enterprises Click here to access the complimentary webinar recording. Hear what experts in the …
As many as 150,000 to 200,000 restaurants nationwide may never fully reopen again after the COVID-19 pandemic subsides, according to estimates from the National Restaurant Association. This represents 15 to 20 percent of all U.S. restaurants. Though the metro Atlanta area’s restaurants have been allowed to reopen their dining rooms for a full two weeks following Georgia Gov. Brian Kemp’s directives in late April, early indications are that a large swath of operators are choosing to keep them closed and focus on takeout, delivery and catering. Others are making the hard choice to close their eateries permanently. As a result, there will be a wave of second-generation restaurant space that will need to be absorbed before new restaurants are built en masse in metro Atlanta, said Tom McCarty of barbecue restaurant chain Jim ’N Nick’s during a webinar hosted by France Media’s Shopping Center Business and sponsored by Retail Specialists. “From our standpoint, our developments are on hold for now,” said McCarty about the chain, which opened a location in metro Atlanta’s East Cobb district late last year. “The focus of the company is on getting our existing restaurants back up and running profitably. Once that happens, then we’ll start …
SEATTLE — This week, Seattle-based Starbucks started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted these protocols for the U.S., and our goal is to exceed the standards outlined by the Centers for Disease Control and Prevention for a safe experience, including heightened emphasis on cleaning and sanitizing protocols in our stores,” says Kevin Johnson, CEO and president of Starbucks. The coffee company has expanded its service beyond drive-up to include mobile order for contactless pick-up, delivery and, in some locations, curbside parking and grab-and-go through the café. To that end, Starbucks is focusing on the safest and more convenient ways for customers to order through its Starbucks App, with expanded features including optimization for curbside …
The financial impact the COVID-19 economic shutdown is having on tenants and landlords is a difficult mix of immediate drastic reduction (or elimination) of revenue, along with little or no ability to forecast when the end will come. This combination of severity and unclear duration makes finding potential win-win compromises a real challenge for tenants and landlords in the metro Atlanta area. While deal pipelines across the industry have ground to a halt, companies, teams and individuals are using this sudden influx of time as an opportunity to take up important tasks that, while not producing revenue, will set up future opportunities. They are catching up on conversations, expanding their networks, engaging with social media, doing industry research, continuing their professional educations and learning new skills. Landlords, on the other hand, are having to take this challenge head on and are testing the waters with solutions like pause agreements, rent deferrals (in many cases, equivalent term is added at the end of these leases) and other creative ways to provide relief to their tenants while not endangering their own interests or those of their lenders. There’s no certainty that these issues won’t have to be addressed again, periodically, as the …
EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.