TORRANCE, CALIF. — CalBay Development has acquired a freeway-oriented land site located at the northwest corner of 190th and Western avenues in Torrance. Irvine, Calif.-based Sares-Regis sold the 5.3-acre development site for $12 million. CalBay plans to develop the site into hotel, health club, retail and/or restaurant uses. The site was part of a 110-acre Toyota Headquarters, which was recently vacated. The campus comprises 18 buildings with more than 2 million square feet of office and industrial space. The campus served as Toyota’s North American headquarters since 1967 until it was sold to a partnership led by Sares-Regis. Jeff Adkison and Geoff Tranchina of JLL arranged the transaction.
ROYAL OAK, MICH. — Fast-casual restaurant 2941 Mediterranean Street Food has signed a 3,105-square-foot lease in Royal Oak. The property is located at 30278 Woodward Ave. Lou Frango, Brian Whitfield and Tom Lasky of Colliers International represented the undisclosed landlord in the lease transaction. The restaurant has five locations in metro Detroit.
AUSTIN, TEXAS — Punch Bowl Social, an entertainment concept that centers on artisanal food and beverages and parlor-style entertainment, will open a 23,038-square-foot venue in the Scarbrough Building, a historic office property in downtown Austin. Britt Morrison and Brett Maze of Weitzman represented the landlord in the lease negotiations. Perren Gasc with DBA Commercial Real Estate LLC and Dan Nesson of Denver-based True North represented Punch Bowl Social. The opening is scheduled for the third quarter of 2019.
GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.
SAN JOSE, CALIF. — Paragon Commercial Group has completed the sale of a ground lease for an In-N-Out Burger located at the corner of Great Oaks Parkway and Cottle Road in San Jose. A private Bay Area buyer acquired the property for $6.9 million. In 2014, Paragon began work to acquire a former parking lot site and concurrently entered into a ground lease with In-N-Out Burger for a single-tenant restaurant. The property is currently under construction and is expected to open in first-quarter 2019. Christopher Sheldon of Cushman & Wakefield represented Paragon, while Andy Chana of Sands Investment Group represented the buyer in the deal.
CHICAGO — Velvet Taco, a Texas-based fast casual restaurant, will open its second Chicago location at Lincoln Common, a mixed-use project located in the heart of Chicago’s Lincoln Park. The restaurant will occupy 2,572 square feet beginning in mid- to late-2019. Lincoln Common, currently under development by McCaffery Brokerage and Hines, will feature residential, office, dining, fitness and retail space. Previously announced tenants include Kohler Waters Spa and Equinox Fitness.
GARDEN GROVE, CALIF. — Beverly Hills, Calif.-based Valore Ventures has closed on fee simple interest in four brand-name restaurants in Garden Grove for $13.1 million. The restaurants include Oggi’s Pizza & Brewery, Outback Steakhouse, Red Robin Gourmet Burgers and Brews, and Joe’s Crab Shack. The assets are all subject to ground leases and were built between 2001 and 2008 in conjunction with surrounding development that includes three high-rise hotels in Garden Grove. The properties also feature a 2.8-acre parking lot, which is owned by the nearby Sheraton, Marriott and Delta hotels, but is exclusively for restaurant use. Valore Ventures purchased the site as one large parcel, which the company plans to spilt into four individual parcels for sale. Tom Fazekas of Fazekas Retail Group in San Francisco represented the seller in the transaction.
NEW MEXICO — Mill Valley, Calif.-based Four Corners Property Trust has purchased a restaurant property located in New Mexico for $3.9 million. The asset was acquired through a sale-leaseback transaction and will operate under a new triple-net lease with Cerca Trova Restaurant Concepts, the largest domestic franchisee in the Bloomin’ Brands system. Outback Steakhouse occupies the property under a lease with 20 years of the initial term and rent increases of 10 percent every five years during the initial term.
CLARKSTON, MICH. — Crispelli’s Bakery & Pizzeria has signed a 3,892-square-foot lease in Clarkston. This will be the restaurant’s fourth location in Michigan. Crispelli’s will join T-Mobile, Great Clips and Jersey Mike’s at the new Shoppes of Clarkston development. Tjader Gerdom and Michael Murphy of Gerdom Realty represented the tenant in the lease transaction. Chris Jonna of CMP Real Estate Group represented the undisclosed landlord.
MANHATTAN BEACH, CALIF. — DWS Group has broken ground on Village Shops, the next phase of its $180 million Manhattan Village redevelopment in Manhattan Beach. Manhattan Village is 44-acre, 573,000-square-foot indoor/outdoor mixed-use dining and retail property. Village Shops will feature 60,942 square feet of retail/restaurant space, 30,744 square feet in South Village and 30,198 square feet in North Village; two parking decks encompassing 956 spaces in South Deck, North Deck and surface lots; a water feature; clock tower; and seating areas and lush landscaping. Completion for Village Shops is scheduled for November 2020. Currently signed tenants at Manhattan Village include ROC, Mercado Manhattan Beach, California Pizza Kitchen, Joey Manhattan Beach, Urban Plates, MAC, Origins, Holly and Hudson Nail Lounge, Macy’s, Apple, Williams Sonoma, Pottery Barn, Pottery Barn Kids, Sephora, Victoria’s Secret, Tommy Bahama and Kiehl’s. Manhattan Village is being developed in phases and slated for full completion in 2020. JLL is managing and handling leasing at Manhattan Village.