Restaurant

SRS Real Estate Brokers $5.7M Sale of Red Robin-Occupied Asset in Colorado Springs

by Amy Works December 4, 2018

COLORADO SPRINGS, COLO. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant restaurant property, located at 1410 Jamboree Drive in Colorado Springs. A private, Minneapolis-based 1031 exchange investor acquired the asset for $5.7 million. Red Robin Gourmet Burgers occupies the 7,221-square-foot property, which was built in 1987. Brad Gibbs, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller, a Midwest-based institutional investor, in the deal.

December 4, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Acquires Restaurant Property in Los Angeles for $1.7M

by Amy Works December 4, 2018

LOS ANGELES — CalBay Development has purchased a restaurant property located in Los Angeles’ Sylmar neighborhood. An undisclosed seller sold the freeway-oriented site for $1.7 million. A Denny’s restaurant occupies the property. Matt LoPiccolo of CBRE brokered the transaction.

December 4, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Adelphia Negotiates 3,608 SF Restaurant Lease in Park Ridge, Illinois

by Kristin Harlow December 3, 2018

PARK RIDGE, ILL. — Adelphia Properties has negotiated a 3,608-square-foot restaurant lease at the historic Pickwick Theater building in downtown Park Ridge, a suburb of Chicago. Pazzi di Pizza will occupy the space, which was formerly home to the Pickwick Restaurant. The property is located at 1 S. Prospect Ave. Simeon Spirrison and George Spirrison of Adelphia represented the undisclosed landlord.

December 3, 2018

California Development Mixed-Use Office Restaurant Retail Western

Primestor Development Starts Construction of $48M Mixed-Use Development in Los Angeles

by Amy Works November 20, 2018

LOS ANGELES — Nadel Architects has announced that construction is underway on Jordan Downs Plaza, a $48 million mixed-use development in Los Angeles. Designed for Primestor Development, the overall $5 billion project will bring 115,000 square feet of retail and dining space to the Watts neighborhood of Los Angeles. Slated for completion in summer 2019, Jordan Downs Plaza will feature an open-air shopping and dining space, as well as a full-service supermarket, financial institutions, a fitness center, sit-down restaurants, cafés and a variety of local and national retailers. The revitalization project is situated on 10 acres and will be a “community living room” gathering-style plaza for the 34,000 area residents. The Nadel Architect team includes Greg Lyon, David Anderson, Keith Martinez and Andrew Wolff.

November 20, 2018

Acquisitions California Restaurant Retail Western

Locker Realty Brokers $8.4M Acquisition of Chick-fil-A Property in Santa Monica, California

by Amy Works November 12, 2018

SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.

November 12, 2018

California Development Restaurant Retail Western

Sunset Development Opens 300,000 SF Shopping Center in San Ramon, California

by Amy Works November 9, 2018

SAN RAMON, CALIF. — Sunset Development Co. has opened City Center Bishop Ranch, a shopping, dining, entertainment and community development located in San Ramon’s Bishop Ranch area. Designed by Renzo Piano Building Workshop and BAR Architects, the 300,000-square-foot regional shopping center will feature 70 stores and restaurants at full occupancy. THE LOT, a 10-screen cinema and dining destination, and Equinox San Ramon, a whole-body personal fitness, training and yoga center, anchor the property. The second location of The Slanted Door, a Vietnamese-inspired eatery, occupies a freestanding, all-glass structure at the center. Currently open tenants include AlysGrace, Boba Guys, Candle Delirium, Fieldwork Brewing Co., M by Maggie Rizer, NEEKO, On the EDGE, Pottery Barn, Starbucks Coffee, West Elm and Williams-Sonoma. Stores slated to open in the coming months include Anthropologie, Athleta, Equinox San Ramon, Heller Jewelers, KIN THE LABEL and Monokrome. Signed restaurants include C CASA, Curry Up Now, Delarosa, Gio Gelati, Joe & The Juice, Mendocino Farms, MIXT, Ramen Hiroshi, Roam, SOCIAL-AFFAIR, THE LOT and The Slanted Door. Sunset Development Co. owns and operates the property.

November 9, 2018

Arizona Development Mixed-Use Multifamily Office Restaurant Retail Western

Hines to Build 379-Unit Multifamily Complex in Downtown Phoenix

by Amy Works November 2, 2018

PHOENIX — Hines has acquired a 1.5-acre site and received zoning approval from the City of Phoenix for the development of a 379-unit multifamily tower located on the northwest corner of Jefferson and Third streets in downtown Phoenix. Construction of the 25-story, 480,000-square-foot tower is slated to begin in the first quarter of 2019, with completion scheduled for the fourth quarter of 2020. The development will be Hines’ first multifamily project in the Phoenix area. Located near Talking Stick Resort Arena, the development will feature 75 studio, 179 one-bedroom and 125 two-bedroom residences. Amenities will include an outdoor, Olympic-size swimming pool; 2,800-square-foot fitness center; indoor great room with private and group seating; private conference areas; and community kitchen. Additional offerings will include elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens; a dog spa; bike storage; a coffee bar; concierge service; and 4,500 square feet of street-level retail or restaurant space. The site currently features three levels of underground parking, which will be used for residential parking. Hines also plans to renovate 10,000 square feet of existing office space and lease it. Hines represented itself in the site acquisition, while Jim Fijan at …

November 2, 2018

Acquisitions Restaurant Retail Texas

SRS Negotiates $4.4M Sale of Two Restaurant Properties in San Antonio

by Taylor Williams October 26, 2018

SAN ANTONIO — SRS Real Estate Partners has negotiated the sale of two restaurant properties in San Antonio for $4.4 million. Both assets were built in 2012, feature drive-thru lanes and are triple net leased for 15 years to Bush’s Chicken, a Waco-based restaurant chain. Matthew Mousavi and Patrick Luther of SRS, along with Chris Mueller of San Antonio-based Mueller Ventures, represented the single seller of both assets. The buyers were undisclosed, individual private investors.

October 26, 2018

Acquisitions Colorado Restaurant Retail Western

Charles Dunn Co. Arranges $3.2M Sale of Restaurant Property in Metro Denver

by Amy Works October 22, 2018

PARKER, COLO. — Charles Dunn Co. has negotiated the sale of a single-tenant restaurant property located at 11179 Pikes Peak Drive in Parker, a suburb 25 miles southeast of Denver. A California-based private investment group sold the property for $3.2 million in a 1031 exchange. Jack in the Box occupies the 2,920-square-foot property and has 12 years remaining on its lease. The buyer plans to hold the asset as a long-term investment with minimal landlord responsibilities. Justin Mendelson and Joshua Berger with Charles Dunn Co.’s restaurant property group, in collaboration with JDS Real Estate, represented both the seller and the undisclosed buyer.

October 22, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

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