STERLING HEIGHTS AND TROY, MICH. — Colliers International has negotiated the leases for two new locations for Naf Naf Grill, a Middle Eastern-style restaurant, in Sterling Heights and Troy. The 2,481-square-foot building in Sterling Heights is located at 14796 Hall Road. The 2,388-square-foot building in Troy is located at 624 W. Big Beaver Road. The Chicago-based chain plans to continue expanding in the Midwest with locations in West Bloomfield, Southfield and other cities throughout metro Detroit. Brian Whitfield and Lou Frango of Colliers International Detroit arranged the leases on behalf of Naf Naf Grill.
ST. PAUL, MINN. — Agra Culture Kitchen & Press has signed a lease to occupy 3,270 square feet at The Finn, a mixed-use project under construction in St. Paul’s Highland Park neighborhood. The 68,353-square-foot development by Ackerberg is located at 735 Cleveland Ave. South. Agra Culture is a fast-casual restaurant offering breakfast, lunch and dinner with salads, sandwiches, soups, coffee and smoothies with local and organic ingredients. Agra Culture will occupy the northwest corner of the property. Construction began in March 2016 with project completion slated for spring 2017. Other tenants will include Alchemy365, GENT Cuts and Grooming and Edina Realty. Ackerberg and Cleveland Holdings are developing the project. BKV Group is the architect and Big-D Construction is the contractor. Tim and Josh Bloom of Bloom Commercial Real Estate represented Ackerberg in the transaction.
MAYNARD, MASS. — Colliers International, on behalf of developer Capital Group Properties, has secured a grocery anchor for the planned 293,500-square-foot Maynard Crossing property in Maynard. Market 32 by Price Chopper has signed a lease for 68,000 square feet of space at the mixed-use project, which is slated to break ground in the second quarter of 2017 with completion scheduled for summer 2018. Upon completion, the project will feature two full-service and two fast-casual restaurants, a 20,000-square-foot health club, a community bank, hardware store, apparel stores, and medical care center, as well as 180 residential rental units and a 143-unit independent senior living facility. Colliers International Boston is the leasing team for the development.
GRAND RAPIDS, MICH. — The Boulder Group has brokered the sale of a single-tenant property net leased to Qdoba Mexican Eats in Grand Rapids for $1 million. The building is located at 3225 Alpine Ave. NW across from Green Ridge Square shopping mall. There are over five years remaining on the Qdoba lease, which expires in September 2021. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company, in the transaction. A high-net-worth individual from the West Coast was the buyer.
DALLAS — Fox Restaurants Concepts has signed a lease for 5,500 square feet of restaurant space at The Union Dallas. The company plans to open a North Italia restaurant at the location in 2018. The modern, full-service pizza and pasta restaurant will be located on the ground level of the 800,000-square-foot office, residential and retail project in Dallas’ Uptown district. The property is owned by RED Development.
GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of a property net leased to Caribou Coffee and Einstein Bros. Bagels in Grand Forks for $1.8 million. The 2,558-square-foot space is located at 1225 S. Columbia St. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a developer. Mark Ruble and Jamie Medress of Marcus & Millichap secured and represented the buyer, a partnership. Regional Manager Craig Patterson assisted in closing the transaction.
HOUSTON — Baker Katz has brokered two leases on behalf of San Francisco-based The Melt, a fast-casual restaurant, for the company’s first-to-market locations in Texas. The restaurant chain will open its first location at The Lawn at Houston’s Baybrook Mall on Nov. 21, and the second location is slated to open in spring 2017 at the Vintage Marketplace Restaurant Village. The locations in Texas mark The Melt’s third market expansion. The restaurant currently has locations in California and Colorado.
DEERFIELD, ILL. — Novak Construction has completed the construction of a 9,000-square-foot Portillo’s restaurant in Deerfield, approximately 25 miles north of Chicago. The building is located at 700 Lake Cook Road. Novak’s work on the development included the demolition of an existing building, new site utilities, curbs and asphalt paving. The restaurant opened on Tuesday, Nov. 15.
DANIA BEACH AND NORTH MIAMI BEACH, FLA. — West Bay Capital, a Los Angeles-based private lender, has provided two loans totaling $1.8 million for the acquisition of two restaurant properties in South Florida currently leased to Checkers, a fast-food burger chain. The drive-thru restaurants are located in Dania Beach and North Miami Beach. As part of the acquisition, the undisclosed borrower recently executed 20-year leases with a Checkers franchisee at both locations. The financing, which represented roughly 90 percent of the purchase price and reflected the value of the new lease agreements, included a $1 million loan for the North Miami Beach restaurant and a $810,000 loan for the Dania Beach location.
INDIANA, MICHIGAN AND WISCONSIN — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties net leased to KFC in Indiana, Michigan and Wisconsin for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms. Seven of the properties are under a master lease and nine properties are under individual leases. FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031 exchange sale of a property in Florida occupied by Bahama Breeze.