Restaurant

Unico Properties Delivers 96,000 SF Mixed-Use Building in Denver

by Amy Works September 6, 2018

DENVER — Unico Properties, with Confluent Development as construction manager, has delivered The Circa Building, a 96,000-square-foot mixed-use building located at 1615 Platte St. in Denver. The four-story building features 80,000 square feet of office space on the top three levels, 10,000 square feet of Class A retail and restaurant space on the ground level, and three levels of underground parking. Xero, an online accounting software provider, has leased 30,000 square feet of space at the property and will occupy the entire top floor of the building. Unico Properties is the owner and developer of the project, with Confluent Development managing the project’s entitlement and construction. Swinerton Builders served as general contractor and Open Studio Architecture served as architect. JLL is the broker for the office space, and Cushman & Wakefield serves as the retail lease broker.

September 6, 2018

Illinois Leasing Activity Midwest Restaurant Retail

Two New Restaurants Sign Leases at Wheeling Town Center in Suburban Chicago

by Kristin Harlow September 6, 2018

WHEELING, ILL. — Two new restaurants have signed leases at Wheeling Town Center, which is slated to open in early 2019. Meat and Potato Eatery and Eggsperience will occupy 4,000 square feet each and provide outdoor seating for patrons. Both restaurants have other locations in the Chicagoland area. The retail portion of Wheeling Town Center is now 83 percent leased. Previously signed tenants include City Works Eatery and Pour House, Mia’s Cantina, Starbucks, Inland Bank, CMX Cinemas, 312 Nails & Spa and The Learning Experience. The Lynmark Group is the developer for the mixed-use project.

September 6, 2018

Development New Mexico Restaurant Retail Western

Sapir Real Estate Development Breaks Ground on $45M Snow Heights Retail Project in Albuquerque

by Amy Works September 5, 2018

ALBUQUERQUE, N.M. — Sapir Real Estate Development has broken ground on the first phase of Snow Heights Promenade, a retail and entertainment project in Albuquerque. The $45 million phase will include a skyline live entertainment stage that will feature live DJ’s, concerts, comics, family movies, magic and puppet shows. In addition, Snow Heights Promenade will feature a children’s play area, dog park, restaurants, pubs, entertainment venues and retailers. Signed tenants at the development include Altitude Trampoline Park, Alamo Theaters, Fatburger, Outback Steakhouse, Juice It Up, Joe’s Pizzeria, U Choose Tacos, Divalish Desserts and Albuquerque Fitness Center, among others. The second phase of the project will include a $100 million office building with a rooftop dining experience. Sapir Real Estate Development expects to deliver the first phase of the project in January 2019.

September 5, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Buys Two Restaurant Properties Near Los Angeles for $5.8M

by Amy Works August 24, 2018

ONTARIO, CALIF. — CalBay Development has acquired two restaurant properties in Ontario for a total of $5.8 million. In June, the company purchased a to-be-vacated restaurant building, located at 2345 S. Grove Ave., for $2 million. MGR Real Estate represented the seller, an owner-user, in the deal, while MidFirst Bank provided acquisition financing. In May, the City of Ontario Planning Commission approved CalBay’s application to change the use of the property from restaurant to express car wash. Construction for the new Fast5Xpress Car Wash is scheduled to begin in November. In a separate transaction, CalBay acquired a Chevy’s Fresh Mex Restaurant, located at 4551 Mills Circle, for $3.8 million. Situated on a two-acre outparcel of Ontario Mills Mall, the restaurant building totals 8,000 square feet. CAPRE Brokerage arranged the transaction, while Comerica Bank provided financing for the acquisition.

August 24, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers Sale of Two Starbucks Properties in Northern California for $5.5M

by Amy Works August 23, 2018

RIPON AND PARADISE, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two newly constructed, single-tenant retail properties in two separate transactions in Northern California. In the first transaction, Bill Asher and Jeff Lefko of Hanley Investment Group represented a Glendale, Calif.-based private developer in the disposition of a 1,550-square-foot drive-thru property located at 338 E. Main St. in Ripon. A Northern California-based private investor acquired the property for $2.7 million, or $1,773 per square foot. Starbucks Coffee occupies the property, which was built in 2018. Steve Zakula of Pacific Union International in San Francisco represented the buyer in the deal. In the second transaction, a Los Angeles-based private investor sold a 2,482-square-foot drive-thru property, located at 6344 Skyway Road in Paradise, to a Sonoma, Calif.-based private investor for $2.7 million, or $1,091 per square foot. Starbucks Coffee occupies the property, which was constructed in 2018. Asher and Lefko of Hanley Investment Group represented the seller, while Harry Dematatis of CBRE represented the buyer in the transaction.

August 23, 2018

Company News Restaurant Retail Texas

CAVA Group to Acquire Plano-Based Zoës Kitchen for $300M

by Taylor Williams August 21, 2018

PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.

August 21, 2018

Development Florida Restaurant Retail Southeast

McDonald’s to Invest $186M to Modernize 240 Restaurants Across Florida

by Camren Skelton August 15, 2018

CHICAGO — McDonald’s and its franchisees plan to invest approximately $186 million to modernize 240 restaurants located across Florida. The initiative is part of the fast food giant’s aim to invest $6 billion to modernize most of their U.S. restaurants by 2020. The transformed Florida restaurants will feature modernized dining rooms with globally and locally inspired décor; new furniture; refreshed exterior designs; digital self-order kiosks; remodeled counters; digital menu boards outside and at the drive-thru; designated parking spots for curbside pick-up through mobile order and pay; expanded McCafé counters; and larger display cases. The renovations will take place throughout this year and 2019. In addition to the investments to modernize the spaces, McDonald’s has also introduced its McDelivery service with Uber Eats at more than 5,000 U.S. restaurants. In June, McDonald’s opened its new $250 million headquarters in Chicago’s West Loop after 47 years in the suburbs. The fast food chain also opened its newly designed flagship restaurant in Chicago last week.

August 15, 2018

Development Illinois Midwest Restaurant Retail

McDonald’s Opens New Flagship Restaurant in Chicago

by Kristin Harlow August 15, 2018

CHICAGO — McDonald’s has opened its newly designed flagship restaurant at Clark and Ontario streets in Chicago. The modern and environmentally friendly design features self-order kiosks, table service, mobile order and payment and delivery. The 19,000-square-foot restaurant includes green spaces and energy-saving features such as a vegetated rooftop, on-site solar panel array for renewable energy collection, LED lighting and more than70 trees at the ground level. Chicago-based Ross Barney Architects designed the restaurant, which is set to operate seven days a week and 24 hours a day. Sydney-based Landini Associates designed the interiors. The new restaurant replaces the previous flagship restaurant, which was a rock ‘n’ roll-themed restaurant that closed in December 2017.

August 15, 2018

Acquisitions California Restaurant Retail Western

Hanley Investment Group Negotiates $2.9M Sale of Single-Tenant Retail Property in Rialto, California

by Amy Works August 6, 2018

RIALTO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a recently constructed retail building located at 1877 N. Riverside Ave. in Rialto. Newport Beach-based Fountainhead Development sold the property to a Chatsworth-based private investor for $2.9 million, or nearly $1,700 per square foot. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Ash Joshi of San Fernando-based Capital Realty Solutions Inc. represented the buyer in the deal. The Coffee Bean & Tea Leaf occupies the 1,710-square-foot building, which features a drive-thru lane, under a 15-year lease.

August 6, 2018

Acquisitions Illinois Midwest Net Lease Restaurant Retail

Baum Brokers $1.8M Sale of Property Net Leased to Chipotle in Effingham, Illinois

by Kristin Harlow July 30, 2018

EFFINGHAM, ILL. — Baum Realty Group LLC has brokered the $1.8 million sale of a single-tenant restaurant property net leased to Chipotle Mexican Grill in Effingham in southwest Illinois. The property, located at 1207 N. Keller Drive, is near Panera Bread, Panda Express, Steak ’n Shake and two hotels. Patrick Forkin of Baum represented the seller, a Midwest-based developer. A regional investor purchased the asset.

July 30, 2018

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