Restaurant

SRS Brokers $3M Sale of Del Taco-Occupied Restaurant in Chatsworth, California

by Amy Works February 25, 2019

CHATSWORTH, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant restaurant asset, located at 21920 Lassen St. in Chatsworth. A private investor acquired the property for $3 million, or $1,540 per square foot. Del Taco occupies the approximately 1,961-square-foot property, which features a 24-hour drive-thru, on a long-term absolute triple-net, corporate-guaranteed lease with more than 12 years remaining. Built in 1989, the property is situated on 0.4 acres. Matthew Mousavi and Patrick Luther of SRS, in cooperation with Brandon Trevellyan of Capital Real Estate Ventures, represented the seller, a privately held partnership, while Warren Berzack of Lee & Associates represented the buyer in the deal.

February 25, 2019

Acquisitions California Mixed-Use Restaurant Retail Top Stories Western

CBRE Brokers $80M Sale of 430,000 SF Anaheim GardenWalk Near Disneyland

by Amy Works February 22, 2019

ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen. The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street. Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction. “Landmark properties such as GardenWalk only exist around …

February 22, 2019

Civic Data Centers Finance Insight Healthcare Hospitality Industrial Loans Mixed-Use Multifamily Office Restaurant Retail Self-Storage Seniors Housing Student Housing

Alliant: Communication is a Commodity in Today’s Lending Environment

by Jaime Lackey February 19, 2019

Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.

February 19, 2019

Acquisitions California Restaurant Retail Western

Faris Lee Investments Arranges Sale of Two Quick-Serve Restaurants in California for $5.3M

by Amy Works February 19, 2019

LAKE ELSINORE AND VISTA, CALIF. — Faris Lee Investments has brokered the $5.3 million sale of two quick-serve restaurants in California via two separate transactions. In the first transaction, Loan Oak Ranch acquired a newly constructed restaurant property, located in front of the recently completed Central Plaza in Lake Elsinore. The seller was HFC/PRP Elsinore LLC. The property was pre-sold, as it was still under construction at the time of sale, for $3.8 million. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller, while Schuil & Associates represented the buyer. In the second deal, Northern California-based Maddvio California purchased a newly constructed quick-serve restaurant property in downtown Vista from 227 Broadway LLC for $1.5 million. DogHaus Restaurant & Brewery, a “craft-casual” gourmet hot dog chain, occupies the 3,593-square-foot property. Conover, Scott DeYoung and Hunter Steffien of Faris Lee Investments represented the seller, while Faris Lee represented the buyer in the transaction.

February 19, 2019

Acquisitions California Mixed-Use Multifamily Restaurant Retail Western

Gadsden Growth Properties Buys $240M Mixed-Use Asset in San Francisco Bay Area

by Amy Works February 13, 2019

FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.

February 13, 2019

Acquisitions California Development Hospitality Restaurant Retail Western

CalBay Development Buys 5.3-Acre Development Site Near Los Angeles for $12M

by Amy Works February 12, 2019

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.

February 12, 2019

Leasing Activity Michigan Midwest Restaurant Retail

Mediterranean Restaurant to Open in Royal Oak, Michigan

by Kristin Harlow February 6, 2019

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.

February 6, 2019

Development Restaurant Retail Texas

Punch Bowl Social to Open 23,038 SF Venue in Downtown Austin

by Jeff Shaw February 5, 2019

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.

February 5, 2019

Acquisitions California Restaurant Retail Western

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 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.

February 1, 2019

Acquisitions California Restaurant Retail Western

Paragon Commercial Sells In-N-Out Burger Ground Lease in San Jose for $6.9M

by Amy Works January 31, 2019

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.

January 31, 2019

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