APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $2.55 million sale of a 6,260-square foot net-leased property occupied by Red Robin, a gourmet hamburger restaurant, in Apple Valley. The restaurant is located at 15560 Cedar Ave., about 19 miles south of Minneapolis. Mike Marzinske, Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. The transaction reflects the trend of capital gravitating from coastal markets to the Midwest for properties that are well located and occupied by strong-performing tenants, says Hazelton. “We have observed this trend throughout the year and foresee it remaining sustainable through the end of 2015.”
CARMEL, IND. — The Boulder Group has brokered the sale of a 55,757-square-foot, single-tenant property formerly occupied by Macaroni Grill in Carmel, a northern suburb of Indianapolis, for $1.4 million. The Macaroni Grill closed within the last year as part of a larger company-wide closure of numerous locations. There are approximately two years remaining on the Macaroni Grill lease, which expires in April 2017. The property is located at the corner of the Keystone Parkway and E. 116th St. interchange, which experiences traffic counts in excess of 62,000 vehicles per day. Keystone Parkway is the primary north-south thoroughfare in the area connecting Carmel to Indianapolis. There is more than 360,000 square feet of retail space located across the street from the property that features Marsh Supermarket, Petco, World Market, PNC Bank, O’Reilly Auto Parts, and many others. There are approximately 60,000 people living within a three-mile radius of the property earning average annual household incomes in excess of $101,000. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the seller, a Midwest-based commercial real estate development and investment firm, in the transaction. The purchaser was a high-net-worth individual from the West Coast.
MILWAUKEE — Madison-based Noble Chef Hospitality will open its first Milwaukee restaurant, Rare Steakhouse, in Milwaukee’s newest downtown office building, located at 833 E. Michigan St. The white tablecloth steak and seafood restaurant will feature dry-aged Allen Brothers steaks along with more than 400 different wines. Noble Chef Hospitality also operates Rare Steakhouse On the Square in Madison, in addition to four other restaurants and bars in Madison. The 18-floor, 833 East building is expected to be completed by February 2016. Rare is expected to open in early 2016 and will feature seasonal outdoor seating. Josh Minkin of Alpine Commercial Real Estate is serving as procuring broker on the project.
SAN DIEGO — An affiliate of Maxxam Enterprises has purchased the William Penn Building, a mixed-use property in downtown San Diego’s Gaslamp District, for $10.2 million. The building is located on the corner of 5th Avenue and F Street. It was built in 1913. The property contains 18 residential units and 10,795 square feet of commercial space, with Maloney’s Tavern as the anchor tenant. The building is designated as historical on the San Diego Register and the National Register of Historic Places. CBRE’s Jim Neil, Eric Comer and Merrick Matricardi represented the seller, Penn LLC.
OSHKOSH, WIS. — The Morgan Partners is developing a 4,370-square-foot Panera bakery-cafe, complete with drive-thru, in Oshkosh. The freestanding building, subject to a ground lease with a 15-year primary term, is currently under construction on 1.68 acres at I-41 and Highway 21. Panera Bread expects the bakery-cafe to open this fall. Neighboring tenants include a newly constructed Dick’s Sporting Goods, McDonald’s, Lowe’s, Menards and Festival Foods. Ed Bowen of The Morgan Partners represented the development side of the transaction, while Joe Kleiman of Mid-America Real Estate Group represented the tenant.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
NORTHVILLE, MICH. — Bernard Financial Group has arranged a $2.2 million refinancing loan for the Haggerty Road Retail complex in Northville, a western suburb of Detroit. The property consists of 8,400 square feet of retail and restaurant space and is leased through 2019. The retail and restaurant tenants include Verizon, Qdoba Mexican Grill and Reitz Enterprises. Dave Dismondy of Bernard Financial originated the loan for the borrower, Haggerty Eight LLC. The lender is Genworth, which has a correspondent relationship with Bernard Financial.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the sale of a net-leased property occupied by Taco Bell, located at 13057 Round Lake Blvd. in Coon Rapids, approximately 15 miles north of Minneapolis. The 2,016-square-foot building sold for $2.1 million. Mark Lovering and Dan Yozwiak of Marcus and Millichap’s office in Columbus, Ohio, represented the seller, a limited liability company. Calvin Lee of Marcus & Millichap’s Los Angeles office secured and represented the buyer, a private investor. Craig Patterson, regional manager and broker of record in Marcus & Millichap’s Minneapolis office, assisted in closing the transaction.
SOUTHINGTON, CONN. — R. Calabrese Agency has brokered the lease of 3,000 square feet of retail space to Noodles & Company. Located at 832 Queen St. in Southington, the restaurant is the company’s third location in Connecticut. Tony Valenti and Ralph Calabrese of R. Calabrese Agency represented the landlord, West Queen Developers LLC, while Brian Zelman of Zelman Real Estate Brokerage LLC represented the tenant, Hartford Noodles LLC, the Noodles & Company franchisee, in the transaction.
HOLLAND, MICH. — NorthStar Commercial has brokered the sale of a standalone restaurant property located at 2332 N. Park Drive in Holland, approximately 29 miles southwest of Grand Rapids, Mich. An undisclosed buyer acquired the 6,007-square-foot property for $1.1 million. Aaron Eichenberg of NorthStar represented the seller, a Florida-based private investor, in the transaction. The property was previously occupied by Perkins Restaurant.