FERNLEY, NEV. — Marcus & Millichap has arranged the sale of a restaurant property located at 170 U.S. Highway 95-A South in Fernley. An undisclosed buyer acquired the property from a private family trust for $3.2 million. Taco Bell occupies the 2,860-square-foot property on a net-leased basis. Dustin Alvino of Marcus & Millichap represented the buyer and seller in the transaction.
SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.
ATLANTA — Five years ago, there were about 30 food halls across the entire country. By 2020, Cushman & Wakefield predicts there will be 300. “I agree we have a lot of food halls coming,” said Jamestown president Michael Phillips. “In some regards it signals the end of the food hall.” The comments from Phillips came Monday morning during a panel discussion at the annual conference of the International Economic Development Council (IEDC). The four-day conference, which ends Wednesday, has drawn 1,600 economic developers, city planners, marketing professionals, consultants and community leaders to the Hyatt Regency in Atlanta. It’s the largest number of conference attendees ever and the first time in a decade that Atlanta has served as the host city for the annual gathering. The panel Phillips participated in was titled “Intersection of Food and Economic Development.” His fellow panelists included Adam Schwegman, senior vice president of Brookfield Properties Retail, who is stationed in Atlanta; Thomas McNair, executive director of Cleveland-based Ohio City Inc.; and Haile Johnston, founder of The Common Market in Philadelphia. Catherine Timko, CEO of Wilmington, Del.-based economic development consulting firm The Riddle Co., served as panel moderator. Food traffic, the right demographics, and a community …
DALLAS — SRS Real Estate Partners has brokered the $3.5 million sale of a 4,779-square-foot retail property ground-leased to Chick-fil-A in Dallas. Ara Rostamian, Matthew Mousavi and Patrick Luther of SRS represented the seller, a Los Angeles-based private investor, in the transaction. Craig Stewart of ACRE Investment Real Estate Services represented the buyer, a California-based family trust that acquired the property via a 1031 exchange. The asset is located at 9111 Garland Road.
ST. LOUIS — Knoebel Construction has completed construction of the new $2 million HopCat restaurant and craft beer bar in St. Louis’ Delmar Loop, which is an entertainment and dining district. The 8,580-square-foot restaurant features seating for 245 guests, a draft bar and outdoor beer garden. The project consisted of renovating the existing building while preserving as much of the original structure as possible, including wood beams and exposed brick. Knoebel rebuilt the entire roof structure, upgraded all utilities and removed windows on the second floor in order to install commercial kitchen equipment. BarFly Ventures was the project developer and Cuhaci & Peterson was the architect. HopCat now has 17 locations across the country.
PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.
CLAYTON, MO. — Pinnacle Real Estate Advisors LLC has arranged the sale of a 3,600-square-foot property occupied by Qdoba, a fast-casual Mexican restaurant, in Clayton for $1.8 million. The single-tenant building is located at 6701 Clayton Road across the street from a Schnuck’s grocery store. Qdoba has operated at the location since 2016. Zach Wright, Rob Edwards and Tom Ethington of Pinnacle represented the buyer, a Texas-based investor. A local real estate company was the seller.
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.
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.
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.
