HIGHLAND, CALIF. — Developer Evergreen Devco has completed the sale of its newly developed retail project, a Jack in the Box restaurant, located at 27734 Base Line St. in Highland. An unnamed buyer acquired the 2,756-square-foot property for an undisclosed price with a signed a lease to a Jack in the Box franchisee. Jimmy Slusher of CBRE represented the developer and seller, Evergreen Devco, in the deal.
LOS ANGELES — Beverly Hills, Calif.-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of Matthews Real Estate Investment Services represented Bolour in the lease transaction.
MONROVIA, CALIF. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the transaction.
One fact is very clear as we assess the retail landscape and take note of the variety of retail activities taking place: food and beverage (F&B) and dining out continue to reshape consumer trends. These trends are heavily influencing retail activities throughout the region, especially in the Downtown Los Angeles submarket. The market continues to show great activity in F&B as landlords look to absorb vacancies with more food uses by creating unique dining experiences and take-out options for today’s consumer. This new demand has been the catalyst for the increase in commissary kitchens and restaurateurs leasing spaces for delivery models that cater to the growing, app-based delivery services. CBRE’s latest report, the Food in Demand Series, highlights the momentum of F&B. This extends to fast-casual dining, prepared dining options offered in grocery stores, and as stand-alone offerings in mixed-use settings, such as residential, creative office and hospitality projects. Per the report, consumer spending in restaurants amongst Millennials, Generation X and Baby Boomers has outpaced spending on grocery items. This is a significant shift for consumers. For this reason, we will likely see landlords maintain a focus on F&B as a means to bring value to their assets and create …
SAN DIEGO — Location Matters has arranged a $2.4 million, 10-year lease for Social Syndicate, a San Diego-based multi-concept restaurant group, for a space at 1852 Bacon St. in the Ocean Beach neighborhood of San Diego. Nati’s Mexican Restaurant had occupied the freestanding restaurant building for nearly 60 years before the Social Syndicate lease. The new restaurant will also carry a Mexican theme. Nati’s Inc., which is controlled by Foley Development, owns the property. Future plans call for developing the land directly behind the restaurant into an apartment complex. Mike Spilky of Location Matters represented the landlord and tenant in the transaction. Social Syndicate will occupy 2,660 square feet inside the building, in addition to 1,468 square feet of patio space.
CARBONDALE, ILL. — Captain D’s has opened its sixth Illinois location in Carbondale. Located at 1040 E. Walnut St., the company-owned restaurant spans 1,950 square feet. With 290 company-owned locations, Captain D’s plans to continue its growth in various territories, including the Midwest, with another restaurant slated to open in Wisconsin later this year. There are currently 544 open and operating Captain D’s restaurants throughout the nation.
SAN DIEGO — Location Matters has brokered a lease for the relocation of McFadden’s Restaurant & Saloon in San Diego. The restaurant recently shuttered its original location to make way for the development of an AC Hotels by Marriott property and signed a 10-year lease, valued at $3.8 million, for a corner restaurant location in downtown San Diego. McFadden’s Restaurant & Saloon will occupy a 7,932-square-foot property, including approximately 4,500 square feet of basement space, at 672 Fifth Ave. The space was formerly occupied by Jimmy Loves and Florent. Mike Spilky of Location Matters represented the tenant in the deal.
CHICAGO — Offshore, a 52,300-square-foot rooftop deck, has opened on the third floor of Chicago’s Navy Pier. The Guinness Book of World Records has named the establishment “the world’s largest rooftop deck.” The deck includes a bar, kitchen, terraces, seven fire pits, an entertainment and gaming area and multiple gathering spaces. Culinary direction for Offshore is led by Executive Chef Michael Shrader. Modern American cuisine is served as small, shareable plates. Clay Livingston, formerly of Red Herring Lounge and Kitchen, curates the beverage program seasonally, with house made craft cocktails, wine, champagne and local craft beer.
GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion 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, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.
FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.
