LINCOLNSHIRE, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Culver’s in Lincolnshire for $1.7 million. The building is situated on three acres at 401 Milwaukee Ave. Randy Blankstein and Jimmy Goodman of Boulder brokered the transaction. A Chicago-based real estate company sold the asset to a private investor. Culver’s is a fast-casual restaurant chain that operates primarily in the Midwest and is known for its frozen custards and burgers.
DENVER — Confluent Development and Kelmore Development have broken ground on The Boulevard at Lowry, a commercial mixed-use redevelopment project in Denver’s Lowry neighborhood. Situated on 1.5 acres, the infill development will feature 140,000 square feet of restaurant, retail and office space. A 25,000-square-foot Lucky’s Market will anchor the property. Additional tenants will include a 1,750-square-foot Logan House Coffee Co. Completion is slated for fourth-quarter 2020.
CHICAGO — Structured Development LLC has completed District Brew Yards, a collection of three breweries located in a repurposed warehouse in Chicago’s West Town neighborhood. Structured, in partnership with Burnt City Brewing, led the conversion of the former photography studio. Burnt City’s beers will be featured at the brewery along with those of Around the Bend Beer Co. and Bold Dog Beer Co. Each of the brewing companies has a dedicated self-service tap. The project spans 18,000 square feet.
KENOSHA, WIS. — The Barry Company has arranged the sale of a lot that spans about three-quarters of an acre in Kenosha. The buyer, S&L Properties Kenosha 142 LLC, plans to construct a Culver’s restaurant on the site. The lot is located at the intersection of Highway 142 and I-94 and is adjacent to Amazon’s 1.5 million-square-foot distribution campus. Kevin Barry of Barry Co. represented the undisclosed seller. Tom Treder of Founders 3 Real Estate Services represented the buyer. Culver’s is known for its burgers and frozen custards.
GAINESVILLE, FLA. — Celebration Pointe developers have signed a lease to bring in The Keys, a fresh seafood restaurant and entertainment venue. The Keys is locally owned by Tony Espetia, a real estate professional with Coldwell Banker M. M. Parrish Realtors and former owner of Rum Runners and Fat Tuesday in Gainesville; Brad Heron, the current owner of Rockeys Dueling Piano Bar; and Diego Ibanez, who has more than 25 years of restaurant experience and is the co-owner of Emiliano’s Café, a longtime family-owned restaurant that started as a bakery in the early 1980s. The Keys will serve freshly caught seafood and feature dueling pianos. The Keys, which has a double meaning playing off both the Florida Keys and piano keys, is expected to open this summer. Celebration Pointe is a 160-acre mixed-use development that will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues.
FONTANA, CALIF. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated on 0.6 acres within a Sprouts Farmers Market-anchored retail center in Fontana. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. Kevin Boeve of Marcus & Millichap represented the buyer, a private investor based in Covina, Calif.
BELTON, MO. — Raising Cane Restaurants LLC has received approval from the Belton Planning Commission to build a 3,160-square-foot restaurant near I-49 in Belton. The $1.5 million development will consist of a one-story drive-thru restaurant on a 1.7-acre lot at 1599 E. North Ave. The Raising Cane’s Chicken Fingers restaurant will include an indoor dining room with 80 seats, a covered outdoor area with 25 seats and 36 parking spaces. PM Design Group is the architect and Premier Design Group is the project engineer. The restaurant is slated for a 2020 opening.
IRVING, TEXAS — Following a merger with the parent company of the Chuck E. Cheese brand, London-based Leo Holdings Corp. plans to rebrand itself and take the new company public on the New York Stock Exchange (NYSE) under the ticker symbol “CEC.” The enterprise value of the combined company, which will be known as Chuck E. Cheese Brands Inc., is estimated at $1.4 billion. Leo Holdings, which is self-described as a special purpose acquisition firm, has entered into a “definitive business combination agreement” with Queso Holdings Corp., which is the parent company of CEC Entertainment Inc., the owner, operator and leading franchisor of the family dining and entertainment brand Chuck E. Cheese. The other principal in the merger agreement is Queso’s controlling stockholder, an entity owned by funds managed by affiliates of Apollo Global Management LLC (NYSE: APO), a publicly traded equity firm based in New York. CEC Entertainment is based in the Dallas suburb of Irving and also owns, operates and franchises Peter Piper Pizza, a family dining concept. As of year-end 2018, CEC Entertainment and its franchisees operated a system of 606 Chuck E. Cheese venues and 144 Peter Piper Pizza restaurants, with locations in 47 states and …
FITCHBURG, WIS. — Quantum Real Estate Advisors Inc. has brokered the $2.8 million sale of a Popeyes-occupied property in Fitchburg, just south of Madison. The 4,442-square-foot building is located at 2844 Fish Hatchery Road. Popeyes has approximately 20 years left on its lease. Chad Firsel and Zack Hilgendorf of Quantum brokered the transaction. A private buyer based in Seattle purchased the property from a Chicago-based developer.
Austin’s retail and restaurant market is rapidly becoming one of the hippest and most dynamic scenes in the country, as new concepts are flocking to the state capital in lockstep with its remarkable job and population growth. The push by both new and established retailers and restaurants to grab a piece of the Austin pie has driven the city’s retail occupancy rate to roughly 93 percent. Annual rent growth has exceeded 10 percent at Class A properties in submarkets such as the Central Business District (CBD) and East Austin. But while demand for retail and restaurant space in Austin’s urban core is at an all-time high, so too are rates of turnover among these users. A Gentrified Market The driving factors behind these trends are fairly straightforward. Buoyed by the still-surging job growth in the tech industry, the median age of Austin’s population is getting lower, currently sitting at about 34 years. Many of these residents have high-paying jobs, are new to the city and are eager to take advantage of its thriving food, beverage and entertainment options. The gentrification of some of Austin’s historic neighborhoods is well underway and expected to continue in the near future as tech giants …
