Restaurant

Marcus & Millichap Brokers $2.1M Sale of Taco Bell Net-Leased Property in Minnesota

by Jeff Shaw July 8, 2015

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.

July 8, 2015

Connecticut Northeast Restaurant Retail

R. Calabrese Agency Brokers 3,000 SF Restaurant Lease in Connecticut

by Amy Works July 7, 2015

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.

July 7, 2015

Michigan Midwest Restaurant Retail

NorthStar Commercial Brokers Sale of Restaurant Property in Michigan

by Amy Works July 2, 2015

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.

July 2, 2015

Restaurant Retail Texas

Johnny Rockets Signs Deal to Bring Restaurants to El Paso

by Haisten Willis July 1, 2015

EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.

July 1, 2015

Restaurant Retail Texas

Baker Katz Acquires 2.1-Acre Property with 13,000 SF Office Building in Houston

by Haisten Willis July 1, 2015

HOUSTON — Houston-based Baker Katz has acquired a 2.1-acre property with an existing 13,000-square-foot office building located near the cross streets of U.S. Highway 59 North and West Little York Road in Houston. Located at 10810 Eastex Freeway, the initial plans for the property include the addition of a 7,000-square-foot retail space and pad site for a restaurant. Construction on the new building is slated to begin in 2016.

July 1, 2015

Restaurant Retail Texas

More Retail, Restaurants Announced for River Oaks District in Houston

by Haisten Willis June 25, 2015

HOUSTON — San Diego-based developer OliverMcMillan has arranged the lease of additional boutiques and restaurants joining River Oaks District. Stella McCartney, Van Cleef & Arpels, Vince, Vilebrequin, Planet Blue, St. Nicola, Davidoff and Steak 44 have signed agreements to operate locations at the open-air shopping dining and entertainment destination. Previously announced River Oaks District tenants include Akris, American Food and Beverage (AF+B), Anne Fontaine, BONOBOS, Brunello Cucinelli, Canali, Cartier, Chopard, Patek Philippe at deBoulle, Dior, Diptyque, Dolce & Gabbana, Equinox, Etro, Giuseppe Zanotti, Hermès, INTERMIX, iPic Theaters, John Lobb, Kiton, Le Colonial, L’Occitane, Moncler, Roberto Cavalli, Taverna, Thirteen Pies, Tom Ford, and Toulouse Café and Bar. River Oaks District is expected to open this fall.

June 25, 2015

New York Northeast Restaurant Retail

Eastern Consolidated Arranges Long-Term Lease for Restaurant in Hell’s Kitchen

by Amy Works June 24, 2015

NEW YORK CITY — Eastern Consolidated has arranged a 15-year, 1,400-square-foot lease for the Eatery in Hell’s Kitchen. The popular restaurant is relocating to 788 Ninth Ave. from another location on the block. James Famularo and Jeff Geoghegan of Eastern Consolidated represented the owner, while Ravi Idnani, also of Eastern Consolidated, represented the tenant in the transaction.

June 24, 2015

Restaurant Retail Texas

Greysteel Arranges Sale-Leaseback of Schlotzsky’s Restaurant in West Texas

by Haisten Willis June 23, 2015

SWEETWATER, TEXAS — The Greysteel Co.’s Net Leased investment sales team represented the seller, SL60 Holcomb LLC, in the sale-leaseback transaction of a Schlotzsky’s- and Cinnabon-branded restaurant property in Sweetwater. At closing, the seller entered into a new 20-year triple net lease with renewal options. The property is located at an off-ramp of I-20 between Midland and Abilene and also benefits from pass-through traffic from Lubbock and Austin. Greysteel also procured the buyer, Microproperties Acquisitions Co., a privately-held REIT with a particular focus on investing in restaurant properties, as well as sale-leaseback transactions.

June 23, 2015

Illinois Midwest Restaurant Retail

Tucker Development Arranges 4,900 Square Feet of Retail Leases at Country Club Plaza

by Katie Sloan June 18, 2015

COUNTRY CLUB HILLS, ILL. — Tucker Development has arranged three new leases for Country Club Plaza, a retail property in Country Club Hills, located about 29 miles south of Chicago. MetroPCS signed a five-year lease for approximately 1,100 square feet. Kenny’s Ribs and Chicken signed a 10-year lease for 2,800 square feet, and Cooking Canvas inked a four-year lease for approximately 1,000 square feet. Tucker Development was represented in-house by Andrew White in all three transactions. A Walmart Supercenter and an AMC Theater anchor the property. Other tenants include McDonald’s, Pizza Hut, Subway, GNC, Foot Locker and Payless Shoes.

June 18, 2015

Michigan Midwest Restaurant Retail

Olga’s Kitchen Files for Chapter 11 Bankruptcy Protection in Detroit

by Jeff Shaw June 15, 2015

DETROIT — Olga’s Kitchen, a Mediterranean restaurant chain headquartered in Troy, Mich., has filed for Chapter 11 bankruptcy court protection in the U.S. Bankruptcy Court in Detroit. Olga’s owes millions in debt to several different creditors, including $2.4 million to Citizen’s Bank and $1.2 million to Sysco Corp., according to Crain’s Detroit Business. The bankruptcy filing came after Olga’s began implementing a strategy to open up to 105 new fast-casual Olga’s locations. Olga’s has closed eight different underperforming locations in the last year alone, reports the Detroit Free Press. Olga’s COO Michael Kosloski states that the company’s 28 remaining locations will stay open throughout the bankruptcy process. “We have had some problems with profitability in the restaurants that we have now fixed,” Kosloski told the newspaper. “The reason we filed for bankruptcy protection is to restructure the debt or to potentially sell the business.”

June 15, 2015

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