Restaurant

Marcus & Millichap Brokers $1.8M Sale of Net Leased Retail Property in Grand Forks, North Dakota

by Kristin Harlow November 21, 2016

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.

November 21, 2016

Restaurant Retail Texas

Baker Katz Facilitates Two Leases to Bring The Melt to Texas

by Amy Works November 18, 2016

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.

November 18, 2016

Illinois Midwest Restaurant Retail

Novak Construction Completes 9,000 SF Portillo’s Restaurant in Deerfield, Illinois

by Kristin Harlow November 18, 2016

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.

November 18, 2016

Florida Loans Restaurant Southeast

West Bay Capital Provides $1.8M Acquisition Loan for Two Restaurants in South Florida

by John Nelson November 16, 2016

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.

November 16, 2016

Indiana Michigan Midwest Restaurant Retail Wisconsin

FCPT Acquires 16 KFC Restaurant Properties for $21.1M

by Kristin Harlow November 14, 2016

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.

November 14, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Brokers $1.6M Sale of Net Leased Starbucks Property in Cary, Illinois

by Kristin Harlow November 14, 2016

CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.

November 14, 2016

Restaurant Retail Texas

The Richland Cos. Enters Corpus Christi with Acquisition of Restaurant Property

by Amy Works November 8, 2016

CORPUS CHRISTI, TEXAS — The Richland Cos. has entered the Corpus Christi market with the acquisition of Pizza Hut & Wing Street, located at 2120 S. Staples St. across from Del Mar College East Campus. The restaurant property is situated on a 46,110-square-foot land parcel. The acquisition price and name of the seller were not released. The property is Richland’s 35th asset, marking more than 2.5 million square feet of properties that the company owns and manages in four states.

November 8, 2016

Restaurant Retail Texas

Sands Investment Group Arranges $2M Sale of Dickey’s Barbecue Pit in Odessa

by Haisten Willis November 4, 2016

ODESSA, TEXAS — Sands Investment Group (SIG), a net-lease brokerage firm, has arranged the $2 million sale of a Dickey’s Barbecue Pit located at 2701 N. County Road in Odessa. Dickey’s Barbecue Pit is a family-owned American barbecue restaurant chain based in Dallas. Max Freedman of SIG’s Austin office represented the seller, Dynamic Development, in the transaction. The 1031 tax-deferred exchange buyer paid cash for the 2,000-square-foot restaurant. Dickey’s has a 15-year lease at the location.

November 4, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

Healthcare Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Transwestern, Mirae Acquire 2.2M SF State Farm Campus in $825M Sale-Leaseback Transaction

by Haisten Willis November 2, 2016

RICHARDSON, TEXAS — Corporate Properties Trust I LP, a partnership between Transwestern Investment Group and Mirae Asset Global Investments Co., has closed on the acquisition of a 2.2 million-square-foot mixed-use project in a sale-leaseback with State Farm Auto Insurance Co. According to the Dallas Business Journal, the purchase price was $825 million. The partnership acquired the four primary office/retail towers and the connected structured parking garages. The campus is located within the CityLine development, a 186-acre project developed by KDC. The buildings are designated LEED Gold and are located adjacent to a DART rail line. Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of institutional properties. A wholly owned subsidiary of Transwestern Investment Group will manage the property. Located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road, the buildings will house 8,000 State Farm employees. CityLine, which is located at the southeast corner of Highway 75 and the President George Bush Turnpike, will also include 1,700 apartments, a 150-room hotel, an entertainment center, medical office facility, retail, restaurants and a 3.5-acre park.

November 2, 2016

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