Restaurant

Lowe, BCG Holdings, Q Factor Break Ground on $144M Post House Mixed-Use Project in Salt Lake City

by Amy Works June 30, 2020

SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …

June 30, 2020

Development Illinois Midwest Restaurant Retail

Principle Construction Completes Conversion of Auto Dealership into Brewery in Huntley, Illinois

by Kristin Harlow June 29, 2020

HUNTLEY, ILL. — Principle Construction Corp. has completed the conversion of a former Chevrolet auto dealership in Huntley into a brewing facility and full-service restaurant for More Brewing. The property is located at 13980 Automall Drive within metro Chicago. The 25,302-square-foot building includes 11,302 square feet of beer production space and a 14,000-square-foot restaurant with two private dining rooms that will double as barrel-aging rooms. Guests dining at the restaurant will be able to view the brewing area through 12-foot glass walls. The property features four drive-in doors for the distribution of More’s products and 114 car parking spaces for customers and employees. Harris Architects provided architectural services. Dominic Carbonari of JLL provided brokerage services on behalf of More. A timeline for opening was not disclosed.

June 29, 2020

California Development Restaurant Retail Western

Shapell Liberty Investment Completes Retail Component of Vineyards at Porter Ranch Mixed-Use Center in Los Angeles

by Amy Works June 19, 2020

LOS ANGELES — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure Fish House and Finney’s Crafthouse & Kitchen. The project team included Mike Lebeman of JLL’s Project and Development Services group and Moorefield Construction. The full development includes a recently completed, three-story medical office building occupied by Kaiser Permanente, a 100-room Hampton Inn & Suites slated for completion in 2021 and a 266-unit apartment community scheduled to open this fall.

June 19, 2020

Market Reports Midwest Midwest Market Reports Ohio Restaurant Retail

Ohio Delivers High Property Tax Values

by Kristin Harlow June 18, 2020

By Steve Nowak, Siegel Jennings Co. A recent decision from an Ohio appeals court highlights a developing and troubling pattern in the state’s property tax valuation appeals. In a number of cases, an appraiser’s misuse of the highest and best use concept has led to extreme overvaluations. Given its potential to grossly inflate tax liabilities, property owners and well-known tenants need to be aware of this alarming trend and how to best respond. In the recently decided case, a property used as a McDonald’s restaurant in Northeast Ohio received widely varied appraisals. The county assessor, in the ordinary course of setting values, assessed the value at $1.3 million. Then a Member of the Appraisal Institute (MAI) appraiser hired by the property owner calculated a value of $715,000. Another MAI appraiser, this one hired by the county assessor, set the value at $1.9 million. The average of the two MAI appraisals equals $1.3 million, closely mirroring the county’s initial value. Despite the property owner having met its burden of proof at the first hearing level, the county board of revision rejected the property owner’s evidence without analysis or explanation. The owner then appealed to the Ohio Board of Tax Appeals (BTA). …

June 18, 2020

District of Columbia Restaurant Retail Southeast

US Retail Sales Surge 17.7 Percent in May, Says Commerce Department

by Alex Tostado June 16, 2020

WASHINGTON, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it,” National Retail Federation (NRF) president and CEO Matthew Shay said in an interview on CNBC’s “Squawk Box.” “The most important thing now is to keep these retail stores open for business and not penalize them by closing their doors in the event of a coronavirus surge. “As those stores that remained open have shown, retailers have developed solutions that protect the safety of their customers and associates, and they are sharing those lessons to the benefit of store owners large and small in communities across the country.”

June 16, 2020

Illinois Midwest Restaurant Retail

McDonald’s: U.S. Same-Store Sales Fall 5 Percent for Month of May

by Kristin Harlow June 16, 2020

CHICAGO — McDonald’s says that U.S. same-store sales have sequentially improved from late March through May. For the month of May, the Chicago-based fast food giant reported a decline in U.S. same-store sales of 5.1 percent, compared with 19.2 percent for the month of April. Globally, sales fell 29.8 percent quarter-to-date through May. McDonald’s says that 95 percent of its restaurants globally are now open. In the United States, more than 1,000 restaurant dining rooms have reopened with reduced seating capacity. “Our unique advantages, including a high percentage of drive-thru restaurants and investments in delivery and digital, have enabled us to adapt to the changing landscape presented by the COVID-19 outbreak,” says Chris Kempczinski, president and CEO.

June 16, 2020

Florida Leasing Activity Restaurant Retail Southeast

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

by Alex Tostado June 12, 2020

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are Indochino, a digitally native menswear suit retailer, and Est.33 Craft Brewery & Kitchen. Los Chinos, a Latino-Chinese fusion restaurant, will open later this summer. The restaurant will feature an after-hours speakeasy and outdoor patio space. Lastly, Lucid Motors, producer of electric cars, will open at the development this holiday season. Due to the COVID-19 pandemic, Brickell City Centre closed in March and reopened its doors May 22. The center includes a 500,000-square-foot, open-air shopping center; and five million square feet of office, residential and hotel space in Miami’s Brickell district.

June 12, 2020

Indiana Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Expands Midwest Footprint with First Restaurant in Indiana

by Kristin Harlow June 12, 2020

JEFFERSONVILLE, IND. — Chicken Salad Chick is set to open its first restaurant in Indiana within the Louisville suburb of Jeffersonville. Located at 1520 Veterans Parkway, the restaurant is set to open on Tuesday, June 16. The first 100 guests will receive free chicken salad for a year. Chicken Salad Chick is following state guidelines for the coronavirus and will open the Jeffersonville restaurant at limited capacity with social distancing measures in place. The location features a drive-thru and outdoor seating. Karen and Jon Riddle of Derby City Chicks LLC are the new franchise owners.

June 12, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Captain D’s Expands into 23rd State with New Location in Michigan

by Kristin Harlow June 9, 2020

CLINTON TOWNSHIP, MICH. — Fast-casual seafood restaurant Captain D’s has opened its newest franchised location in Clinton Township, about 25 miles north of Detroit. Situated at 35134 Groesbeck Highway, the restaurant marks Captain D’s only Michigan location and expands the brand’s footprint into its 23rd state. Currently, the Clinton Township Captain D’s is open for drive-thru, call-ahead ordering for curbside pickup and delivery. The dining room will remain closed for the immediate future due to COVID-19. Detroit native and restaurant industry veteran Kirit Patel of J&D Restaurant Group LLC owns and operates the Clinton Township building, which was formerly occupied by Dunkin’. Patel has plans to develop two additional Captain D’s restaurants in metro Detroit by 2023. There are now more than 530 Captain D’s locations across 23 states.

June 9, 2020

Net Lease Restaurant Retail Video Webinar

Webinar: The State of the NNN Market as the Industry Emerges from COVID-19

by Sarah Daniels June 9, 2020

On June 4, InterFace Net Lease and France Media hosted the first industry-wide webinar to discuss net lease/sale-leaseback market conditions related to the impact of coronavirus: “The State of the NNN Market as the Industry Emerges from COVID-19.” In this panel discussion, net lease experts explain the short- and long-term impacts of COVID-19 on the world of triple net lease, as well as the challenges and opportunities investors and developers may see as the country reopens after months of shutdown. What can we expect as from a bank liquidity point of view? Per Karl Francetic of Realty Investor Capital: “[When the crisis first happened], there were a bunch of tenants that weren’t sure how if and how they were going to be paying their rent. They all got PPP loans, and now everybody has paid their rent. July is going to be the first month where they’re not going to have that PPP funding. It’s going to be very telling what happens. Are tenants going to be paying their rent and are things going to be back on track without PPP, or is the government going to go and do another stimulus, which then can extend that kind of uncertainty in terms of how long it’s …

June 9, 2020

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