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.
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.
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.
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.
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.
Hanley Investment Group Negotiates $2.9M Sale of Single-Tenant Retail Property in Rialto, California
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.
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.
GURNEE, ILL. — Englewood Construction has broken ground on a 6,524-square-foot Outback Steakhouse restaurant in Gurnee, located about 45 miles north of Chicago. Outback is relocating from 5642 Northridge Drive in Gurnee. Janet Pugh is the project architect. Tampa-based Bloomin’ Brands is the parent company of Outback. Englewood has recently completed Outback restaurants in Downers Grove, Ill.; Springfield, Ill.; and Merrillville, Ind.
SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap’s West Los Angeles office represented the buyer, a private investor, in the transaction.
ROSEVILLE, MICH. — Encore Real Estate Investment Services has arranged the $3.4 million sale of a building leased to Applebee’s in Roseville, about 20 miles north of Detroit. The 5,689-square-foot property, located at 31653 Gratiot Ave., traded for $597.64 per square foot. Applebee’s has 10 years remaining on its lease. The sales price represents a 7.1 percent cap rate and $597.64 per square foot. Logan McAnallen of Encore represented the seller, a Flushing, Mich.-based private investment group. Encore also represented the buyer, a private investor from Eldersburg, Md.