Restaurant

Hanley Investment Group Negotiates $4.7M Sale of Starbucks-Occupied Asset in Mammoth Lakes, California

by Amy Works December 16, 2019

MAMMOTH LAKES, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented the seller, while Blake Tagmyer of Cushman & Wakefield’s San Diego office represented the buyer in the deal.

December 16, 2019

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Brokers Sale of 5,400 SF Restaurant Building in Metro Chicago

by Kristin Harlow December 12, 2019

VILLA PARK, ILL. — Adelphia Properties has brokered the sale of a 5,400-square-foot restaurant building in Villa Park, about 20 miles west of Chicago. The sales price was undisclosed. The vacant property, formerly occupied by Park West Pancake House, is located at 10 E. Roosevelt Road. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private investor. The buyer was also a Chicago-based private investor.

December 12, 2019

Acquisitions Michigan Midwest Restaurant Retail

Captain D’s to Open at Former Dunkin’ Property in Michigan

by Kristin Harlow December 9, 2019

CLINTON TOWNSHIP, MICH. — Gerdom Realty & Investment has arranged the sale of a 2,822-square-foot retail property formerly occupied by Dunkin’ in Clinton Township, north of Detroit. The sales price was undisclosed. The building is located on Groesbeck Highway, just north of 15 Mile Road. Tjader Gerdom and Vicki Gutowski of Gerdom represented the seller. Matt Croswell of CBRE represented the buyer, a Captain D’s restaurant franchisee. This will be the first Captain D’s restaurant in Michigan.

December 9, 2019

Acquisitions Arizona Office Restaurant Retail Western

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

California Development Loans Mixed-Use Office Restaurant Retail Western

Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

by Amy Works December 2, 2019

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles. The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower. Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property. Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

December 2, 2019

Development Illinois Midwest Restaurant Retail

Starbucks Opens 35,000 SF Reserve Roastery in Chicago

by Kristin Harlow November 21, 2019

CHICAGO — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public on Friday, Nov. 15 and is the largest Starbucks location. The store is located on the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main floor. An experiential bar can be found on the third floor where customers can learn more about the art and science of coffee. A barrel-aged coffee bar can be found on the fourth floor where guests can enjoy cocktail-inspired coffee creations exclusive to the Chicago roastery. In addition to beverages, visitors can purchase food at Princi, a boutique bakery and café. The Chicago roastery joins locations in Seattle, Shanghai, Milan, New York and Tokyo.

November 21, 2019

Acquisitions Midwest Ohio Restaurant Retail

Boulder Group Brokers $1.8M Sale of Net Leased Taco Bell Property in Toledo, Ohio

by Kristin Harlow November 20, 2019

TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.

November 20, 2019

Illinois Leasing Activity Midwest Restaurant Retail

Egg Harbor Café Opens at Luxury Chicago Apartment Tower

by Kristin Harlow November 18, 2019

CHICAGO — Egg Harbor Café has opened at Optima Signature, a 47-story, 490-unit luxury apartment tower in Chicago’s Streeterville neighborhood. The Streeterville location is the first downtown Chicago restaurant for Egg Harbor Café, which specializes in breakfast, brunch and lunch and maintains 20 locations in Illinois, Wisconsin and Georgia. Optima Inc. is the developer behind Optima Signature, which features 60,000 square feet of retail and office space. Egg Harbor occupies 4,905 square feet. There is one 490-square-foot retail space remaining at the apartment property, which opened in 2017. Other retailers include GoodVets, Guidepost Montessori, Runaway Fitness and Bedazzled Nails & Spa.

November 18, 2019

Leasing Activity Restaurant Retail Texas

Toasted Yolk Café to Open Three Restaurants in Houston Area in Early 2020

by Taylor Williams November 13, 2019

HOUSTON — The Toasted Yolk Café, a breakfast eatery founded in 2010, will open three new restaurants in the Houston area in early 2020, raising its total store count to 14. The company will open restaurants at Westmont Shopping Center in Beaumont, The Shoppes of Cypress Mill in Cypress and The Crossing at Katy Fulshear in Katy during the first two months of the new year. Paul Vernon and Campbell Vise of Henry S. Miller represented Toasted Yolk Café in the lease negotiations. Following these openings, the restaurant will have 14 locations throughout the Houston area.

November 13, 2019

Acquisitions Midwest Missouri Restaurant Retail

Hanley Investment Group Negotiates $5M Sale of Restaurant Property in St. Louis

by Kristin Harlow November 13, 2019

ST. LOUIS — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant property occupied by Raising Cane’s Chicken Fingers in St. Louis for $5 million. The 2,913-square-foot restaurant, located at 805 S. Vandeventer Ave., opened in August. Jeff Lefko and Bill Asher of Hanley, along with John Shuff of Pace Properties, represented the seller, Creve Coeur-based Noles Properties. A Newport Beach, Calif.-based private investor purchased the asset. The property sold at a cap rate of 5.97 percent.

November 13, 2019

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