Restaurant

Beztak Properties Secures First Retail Tenant at Uptown Ann Arbor Project

by Kristin Harlow March 16, 2020

ANN ARBOR, MICH. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.

March 16, 2020

Leasing Activity Restaurant Retail Texas

Breakfast Eatery Snooze to Open Restaurants in Kingwood, College Station, Texas

by Taylor Williams March 12, 2020

KINGWOOD AND COLLEGE STATION, TEXAS — Breakfast eatery Snooze will open two new restaurants totaling 7,800 square feet, one in the northern Houston suburb of Kingwood and the other in College Station. The first restaurant will be located in the Kingwood Place Shopping Center and will span 3,800 square feet. The second will be located within Chimney Hill Retail Centers in College Station and will total 4,000 square feet. The openings are slated for August 2020 and February 2021, respectively. Houston-based Baker Katz represented Snooze in both lease negotiations. Stephen Tou of The Retail Connection represented the landlord in the Kingwood deal, and Clint Oldham and Brett Boatner of Oldham Goodwin represented the landlord in the College Station deal. Since its founding in 2006, Snooze has opened more than 40 restaurants across six states.

March 12, 2020

Features Heartland Feature Archive Northeast Feature Archive Restaurant Retail Southeast Feature Archive Texas & Oklahoma Feature Archive Western Feature Archive

JLL: Coronavirus Is Impacting Retail Supply Chains

by Sarah Daniels March 12, 2020

With the stock market dropping to lows unprecedented since the Great Recession on Monday and the World Health Organization (WHO) declaring the outbreak of COVID-19 a pandemic, concerns are now rising regarding coronavirus’ long-term impact on domestic investments. But will the disease have any impact on brick-and-mortar retail? According to a research report from JLL, while retail supply chains have already been affected, the health of retail as whole depends heavily on how long the pandemic lasts. Certain sectors have already been impacted, and those in the industry can model their current economic outlook on the course SARS (severe acute respiratory syndrome) took in 2003. However, whether that model will hold as the pandemic evolves remains to be seen. The JLL report explains that the type of short-lived and limited outbreak created by SARS mainly affects the “first and second quarters with many retailers feeling impacts of a disrupted supply chain, but with a subsequent rebound in the following quarters.” Sectors already affected include inventory and complex supply lines. Chinese-manufactured goods may not be able to reach retailers in the coming weeks to months, as the retailers’ existing supply diminishes. Fashion stocks, especially for luxury retailers dependent on Chinese consumers …

March 12, 2020

California Development Loans Mixed-Use Office Restaurant Retail Western

Stockdale Capital Partners Secures $330M Construction Loan for The Campus at Horton in San Diego

by Amy Works March 10, 2020

SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.

March 10, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Wolverine Tacos to Open in West Michigan

by Kristin Harlow March 2, 2020

WYOMING, MICH. — Wolverine Tacos is set to open Wednesday, April 15 in Wyoming, just south of Grand Rapids. The taco restaurant has signed a lease to occupy space at 1740 44th St. The menu will offer a variety of tacos, bowls, salads, soups, appetizers and desserts. Todd Leinberger and Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord in the lease transaction. Carol Johnson is the owner of Wolverine Tacos.

March 2, 2020

California Development Hospitality Mixed-Use Multifamily Restaurant Retail Western

R.D. Olson Construction Breaks Ground on Bolsa Row Mixed-Use Project in Westminster, California

by Amy Works February 28, 2020

WESTMINSTER, CALIF. — R.D. Olson Construction has broken ground for the ground-up construction of Bolsa Row, a mixed-use development in Westminster’s Little Saigon District. Situated on a six-acre lot, Bolsa Row will include a 225,000-square-foot apartment complex, retail space, a five-story full-service hotel and a variety of community spaces to create a social hub and cultural landmark. Located at the intersection of Bolsa Avenue and Brookhurst Street, Bolsa Row will serve as the gateway to Little Saigon District — the Vietnamese heart of Orange County — and home to the nation’s largest Vietnamese-American population. The property will feature a 1940s renaissance and French colonial architectural theme, with a replica of the Bến Thành Market clock tower, an iconic landmark of old Vietnam. Bolsa Row will feature a 148-room Wyndham Hotels & Resorts property with 48,000 square feet of banquet space and a 700-stall subterranean parking structure. The five-story multifamily property will comprise 200 units in a mix of studio, one- and two-bedroom layouts and a variety of community amenities, including a courtyard, pool, spa, fitness studio, recreation space, clubhouse and 37,500 square feet of attached retail space. Development partners include the Pham family, IP Westminster LLC, KTGY Architecture + Planning, …

February 28, 2020

Leasing Activity New York Northeast Restaurant Retail

Asian Cuisine Concept Opens 6,836 SF Restaurant in Manhattan

by Alex Patton February 28, 2020

NEW YORK CITY — Asian cuisine concept wagamama has opened a 6,836-square-foot restaurant in Midtown Manhattan. The new restaurant is located at 100 W. 55th St. and offers 185 seats. The chain’s parent company, The Restaurant Group, has entered a U.S. joint venture partnership with Conversion Venture Capital (CVC2) as financial partners and Robert Cornog Jr. and Richard Flaherty as operating partners. Cornog and Flaherty previously were leaders of Punch Bowl Social, an experiential food and beverage brand. The joint venture plans to open 30 to 40 new restaurants across the United States.

February 28, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Fairgrounds Coffee & Tea Signs 2,623 SF Retail Lease at Office Development in Chicago

by Kristin Harlow February 27, 2020

CHICAGO — Fairgrounds Coffee & Tea has signed a 2,623-square-foot retail lease at 306 West Erie, an office development currently under construction in Chicago’s River North neighborhood. The location will serve as the company’s seventh coffee shop in the Chicago area. The building is the first phase of Verso, a three-building office redevelopment undertaken by North Wells Capital and Urban Innovations. Renovation work began in late 2019 to expand and modernize the property. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio.

February 27, 2020

Acquisitions Illinois Midwest Restaurant Retail

Quantum Negotiates $1.6M Sale of Wendy’s-Occupied Property in Streator, Illinois

by Kristin Harlow February 27, 2020

STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.

February 27, 2020

Arizona Hospitality Loans Restaurant Retail Western

Mag Mile Capital Arranges $10.1M Loan for Hotel Conversion in Tempe, Arizona

by Amy Works February 25, 2020

TEMPE, ARIZ. — Mag Mile Capital has completed a $10.1 million loan for the refinancing and conversion of a hotel and restaurant property in Tempe. Located at 670 N. Scottsdale Road, the asset includes 103 hotel rooms and an on-site restaurant. Kuber Hotel Group, the borrower, plans to use the loan proceeds to refinance and convert the existing Best Western Hotel into a Holiday Inn Express. Rushi Shah, Leonard Smith and Prabhat Jayara of Mag Mile Capital arranged the 36-month, floating-rate, interest-only loan that features options to extend and includes a $2 million conversion and renovation fund. The lender was not disclosed.

February 25, 2020

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