KANSAS CITY, MO. — MOD Pizza has leased three 3,000-square-foot locations in the greater Kansas City metro. The new restaurants will be located at 1937 Foxwood Drive in Raymore; 5315 NE Antioch Road in North Kansas City; and 1112 NE Coronado Drive in Blue Springs. All three leases are for 10 years. MOD Pizza currently has over 200 locations nationally, and makes artisan style pizzas and salads. David M. Block and Mark McConahay of Block & Co. Inc. Realtors negotiated the lease transactions on behalf of the tenant.
ORLANDO, FLA. — Stan Johnson Co. has arranged the $28 million sale of 14 restaurants in Central Florida leased to Ker’s WingHouse, now known as WingHouse Bar & Grill. STORE Capital, a single-tenant, net-lease real estate investment firm, purchased the 89,282-square-foot portfolio. Joshua Pardue of Stan Johnson’s New York City office led the brokerage team in the transaction.
ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans to expand the Popeyes brand at an increasing pace in both the U.S. and international markets over the next few years. The concept, founded in New Orleans in 1972, has over 2,600 restaurants in the U.S. and 25 other countries. “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.” Under the terms of the transaction, Popeyes shareholders will receive $79 per share in cash at closing. Following the successful completion of the tender offer, RBI will acquire all remaining shares through a second-step merger …
WEATHERFORD AND GRAND PRAIRIE, TEXAS — Venture Commercial Real Estate has arranged the sales of two restaurant properties in north Texas. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the sellers in both transactions. Raising Cane’s Chicken Fingers occupies both properties. In the first deal, RC Weatherford Partners sold a 3,587-square-foot, single-tenant, net-leased restaurant property located at 1824 S. Main St. in Weatherford. Beutler Exchange Group for 4 Mile and Weed Ranches acquired the property for an undisclosed price. Arthur Flores of CBRE represented the buyer in the deal. In the second transaction, Life in the Fast Food Lane sold a 2,722-square-foot restaurant property located at 2960 W. Camp Wisdom Road in Grand Prairie to Weinberg LLC for an undisclosed price. Jason Jones of California Lifestyle Realty represented the buyer in the deal.
CINCINNATI — Einstein Bros. Bagels has signed an 1,850-square-foot at the Gwynne Building for its third location in Cincinnati. The Colorado-based bagel shop has 735 locations throughout the United States. The new location will be situated along the Cincinnati Streetcar route in the former Richter & Phillips space at 202 East 6th St. The store is expected to open at the end of this month. In addition to in-store breakfast and lunch options, Einstein Bros. will also offer catering throughout downtown. Jason Gibson of Anchor Associates represented Einstein Bros. Bagels and CBRE’s Tori Sunderman represented the landlord in the lease transaction.
SYLVANIA, OHIO — Eidi Properties is redeveloping a 2.3-acre property into a Chick-fil-A restaurant in Sylvania, along the Michigan border. The property, located at 6636 W. Central Ave., will be Chick-fil-A’s fourth freestanding location in the Toledo market and the first location in the Sylvania market. Demolition of the retail building currently at the site is slated for mid-March, and the restaurant is set to open in the summer of 2017.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $2 million sale of a 7,441-square-foot Olive Garden located in Casa Grande. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was undisclosed.
SEGUIN, TEXAS — Marcus & Millichap has arranged the sale of a restaurant property located at 498 N. Highway 123 Bypass in Seguin. Wendy’s net leases the 2,864-square-foot property, which was built in 2003. Geoff Ficke and Collin Kraft of Marcus & Millichap represented the undisclosed seller. The name of the buyer and acquisition price were not released.
ALBUQUERQUE, N.M. — Tropical Smoothie Cafe, a fast-casual restaurant, signed franchise agreements to develop more than 160 new cafes in the United States in 2016, closing out the year with 86 new restaurant openings. The company expanded the brand’s presence most notably in Albuquerque, Charleston, S.C., Dallas and Houston. In 2017, the franchise plans to open 100 restaurants nationwide. By 2020, Tropical Smoothie Cafe aims to have 1,000 stores open across the U.S. Tropical Smoothie Cafe’s franchise growth is backed by BIP Franchise Accelerator, a division of venture capital firm BIP Capital, which invested in the brand in 2010. Founded in 1997, Tropical Smoothie Cafe is a fast-casual restaurant with more than 540 locations nationwide.
HOUSTON — EDGE Capital Markets has arranged the sale of a restaurant property located at 13740 East Freeway in Houston. Montgomery Land Co. acquired the property for an undisclosed price. Whataburger occupies the site on a long-term, triple-net corporate ground lease. Burdette Huffman and Kevin Holland of EDGE represented the undisclosed seller.