Restaurant

200-town-center-blvd-garland-texas-panera-bread

InvestCore Commercial Brokers $3.2M Sale of Panera Bread in Metro Dallas

by Haisten Willis May 6, 2016

GARLAND, TEXAS — InvestCore Commercial has brokered the $3.2 million sale of a 4,315-square-foot retail building in Garland, which is triple-net leased to Panera Bread. The 0.9-acre pad is located at 200 Town Center Blvd., directly adjacent to an In-N-Out Burger. The eatery is situated at the entrance to Firewheel Town Center, a more than 1 million-square-foot shopping center owned by Simon Property Group. Panera Bread opened on Feb. 8. The fast-casual bakery-café holds a 15-year ground lease, with three, five-year renewal options. Rent schedules include increases of up to 7.3 percent. An out-of-state investor purchased the asset from Next Play Firewheel LLC in an all-cash, 1031 tax-deferred exchange transaction. The deal closed at a 4.25 percent cap rate. Michael Campbell and Ed Colson of InvestCore Commercial represented the seller.

May 6, 2016

Mixed-Use Restaurant Retail Texas Top Stories

Dallas Cowboys Unveil Plans for Retail Block at Team’s $1.5B Mixed-Use Development

by John Nelson May 5, 2016

FRISCO, TEXAS — The Dallas Cowboys have unveiled plans for a 200,000-square-foot retail block at The Star in Frisco, a $1.5 billion, 91-acre mixed-use development that will include the NFL team’s new headquarters. In addition to the retail space and corporate headquarters, The Star in Frisco will feature the Cowboys’ training complex, a 12,000-seat multi-use event center and an Omni hotel. “The retail area will allow visitors to enjoy The Star whether there’s an event happening or simply a Friday night out with friends and family,” says Jerry Jones Jr., executive vice president and chief sales and marketing officer for the Dallas Cowboys. Storefronts will line The Star Boulevard, Winning Drive and Cowboys Way at The Star, and will provide shoppers and diners with a Dallas Cowboys brand experience. The restaurants that will be opening locations at The Star include City Works, Dee Lincoln Prime, Liberty Burger, Mi Cocina, Neighborhood Services, Nestlé Toll House Café by Chip and Tupelo Honey Café. The retail space will be located south of the Cowboys’ headquarters and The Ford Center, which will house the event center and the team’s training complex. Neighborhood Services will be located inside the Omni hotel. Next Step Dance, a …

May 5, 2016

Restaurant Retail Texas

Metropolitan Capital Advisors Arranges $1M Loan for Restaurant in Waco

by Haisten Willis April 29, 2016

WACO, TEXAS — Metropolitan Capital Advisors has arranged a $1 million fixed-rate senior mortgage for a 4,384-square-foot restaurant in Waco. Twisted Root Burger Co. occupies 100 percent of the building, which fronts I-35 adjacent to Baylor University. The loan includes a 4.3 percent interest rate with a 25-year amortization schedule. The sponsor recently executed a 15-year triple net lease for the property with Twisted Root Burger Co. Twisted Root is the first of three restaurant concepts created by Jason Boso and Quincy Hart. Their flagship location in Dallas opened in late 2005 in the Deep Ellum District. Boso and Hart later appeared on Diners, Drive-Ins, and Dives with Guy Fieri, and they’ve since opened 11 other stores over the last eight years.

April 29, 2016

Restaurant Retail Texas

Vitorino Group Negotiates Sale of Dunkin’ Donuts Ground Lease in Arlington

by Haisten Willis April 29, 2016

ARLINGTON, TEXAS — The Vitorino Group has negotiated the sale of a Dunkin’ Donuts ground lease in Arlington. The prior building on the property, a City of Arlington fire station, was razed and a portion was ground leased to Star Dunkin’ LP, an entity controlled by Jerry Jones and Troy Aikman. Located on Cooper Street, the property was built in 2014 and was secured by a 15-year net lease, which included a guaranty from the parent company. The offering was sold to an out-of state buyer from the West Coast. The Vitorino Group cooperated with an outside agent from Colorado. The buyer utilized a 1031 tax-deferred exchange.

April 29, 2016

Restaurant Retail Texas

M&M Brokers Sale of Starbucks Property in Metro Houston

by Haisten Willis April 25, 2016

SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of a 1,850-square-foot, net-leased Starbucks property located in Sugar Land. Justin Miller, Derek Hargrove and Davis Hansen of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Houston-based developer. The property sold to an out-of-state investor utilizing a 1031 tax-deferred exchange. Starbucks is located at 6502 Highway 90.

April 25, 2016

Florida Restaurant Retail Southeast

Italian Food Hall Concept to Open at Brickell City Centre in Miami

by John Nelson April 25, 2016

MIAMI — Swire Properties Inc. and its retail co-developers Whitman Family Development and Simon Property Group have inked a lease for a 38,000-square-foot Italian indoor food hall concept at Brickell City Centre in Miami’s Brickell district. The three-level dining space and market will anchor the 500,000-square-foot open-air shopping center at the 5.4 million-square-foot development. The food hall will offer several eateries, market fare such as produce and artisanal cheeses, gifts, live cooking demonstrations, cooking classes with Italian chefs and educational programming on wine pairings and other topics. Other dining and entertainment retailers already signed on at Brickell City Centre include Cinemex, Pubbelly Sushi, Pasion del Cielo, Quinto La Huella and Sugar, a rooftop bar that will be situated at the Brickell City Centre’s upscale hotel — EAST, Miami.

April 25, 2016

Midwest Ohio Restaurant Retail

3 Palms Pizzeria and Bakery Signs 3,531 SF Lease in Bridge Park in Ohio

by Christina Cannon April 25, 2016

DUBLIN, OHIO — Crawford Hoying has arranged a 3,531-square-foot lease for 3 Palms Pizzeria and Bakery in Dublin, approximately 18 miles northwest of Columbus. 3 Palms is the latest tenant announced at Bridge Park, a $350 million, 30-acre mixed-use project. Other tenants include The Avenue, The RAM Restaurant and Brewery and Mesh Fitness. The Bridge Park restaurant will be 3 Palms’ third location and will be able to seat 100 guests.

April 25, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Construction Begins on 800,000 SF Mixed-Use Development Known as The Union Dallas

by Haisten Willis April 22, 2016

DALLAS — RED Development has begun construction on The Union Dallas, an 800,000-square-foot office, residential and retail project scheduled for completion in 2018. First announced in May 2014, the two-tower mixed-use project will offer 417,000 square feet of Class A office space, 309 residential units and 87,000 square feet of retail. StreetLights Residential is leading design and development for the 23-floor residential tower, which will be known as The Christopher. The development will also include a 10,ooo-square-foot restaurant known as The Henry, which will serve breakfast, lunch and dinner. Tenants in the office portion of the development will include Vinson & Elkins, which will lease 82,000 square feet across three floors beginning in 2018. Weaver, the largest independent accounting firm in the Southwest, will move its Dallas office to a 58,000-square-foot space within two floors in the office tower. Located at Field Street and Cedar Springs Road, the mixed-use project is within walking distance of many sports, entertainment, museum and outdoor park venues. Designed by Dallas-based architect HKS Inc., and with DPR as the general contractor, the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. Landscape designer Office of James Burnett will design a 21,000-square-foot …

April 22, 2016

Restaurant Retail Texas

Newk’s Eatery to Open Location in San Marcos

by Haisten Willis April 21, 2016

SAN MARCOS, TEXAS — On April 25, fast-casual restaurant chain Newk’s Eatery will open its first location in San Marcos. The brand serves salads, pizzas, sandwiches, soups and desserts seven days a week. Located at 1285 S. I-35 Frontage Road, the restaurant will offer indoor dining for 142 guests and patio dining for 42 more in a 4,405-square-foot space. The San Marcos restaurant will employ about 70 and is the first of five locations planned to open in the Austin metro area by 2019.

April 21, 2016

Restaurant Retail Texas

Silver Group Arranges Sale of Dairy Queen in Metro Dallas

by Haisten Willis April 19, 2016

BENBROOK, TEXAS — The Silver Group has arranged the sale of a single-tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in the southwest Fort Worth suburb of Benbrook. The property consists of the newly constructed, 3,000-square-foot restaurant on a 1.1-acre parcel. The tenant, Vasari LLC, operates several Dairy Queen locations. The property is situated between Panda Express and Jack in the Box and is one block from CVS/pharmacy, Walgreens, Walmart and McDonald’s. The triple net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust, which bought the property utilizing a tax-deferred exchange.

April 19, 2016

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