EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.
RESTON, VA. — Comstock Partners LLC has signed a roughly 10,000-square-foot lease with Farmers Restaurant Group (FRG) for restaurant space at Reston Station, a transit-oriented, mixed-use development located in the Washington, D.C., suburb of Reston. FRG’s Founding Farmers, an American eatery serving farm-to-table food, plans to open its new restaurant at Reston Station in late 2016. Currently under construction, Reston Station will serve as the gateway to the Wiehle Reston-East Metro Station and the terminus of Phase I of Metro’s new Silver Line.
DALLAS — Mellow Mushroom is opening a new location at 2326 N. Henderson Ave. in Dallas. The 5,628-square-foot, freestanding pizza restaurant is anticipated to open in spring 2016. Sean Alkek of EDGE Realty Partners represented the tenant, and Drew Downs and Matt Heisley of Open Realty Advisors represented the landlord in the transaction. Founded in 2009, EDGE Realty Partners is a commercial real estate firm providing brokerage, development and investment sales services throughout the Southwest.
DALLAS —Shake Shack will open its first location in Dallas at the 11-acre office and retail complex The Crescent in 2016. Shake Shack at The Crescent will be located near a corner park. The Dallas location will also be situated near downtown Dallas, Klyde Warren Park and the Dallas Arts District. The Crescent has earned LEED Silver certification from the U.S. Green Building Council. The Dallas Shake Shack menu will include a selection of local beer and wine, along with and three localized frozen custard flavors starring local bakeries and food purveyors.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its wholly-owned subsidiary The Woodlands Development Co. have officially opened Restaurant Row at Hughes Landing, a mixed-use development including restaurants, retailers, multifamily residences, entertainment venues, office buildings and an Embassy Suites by Hilton hotel. California Pizza Kitchen, Del Frisco’s Grille, Escalante’s Fine Tex-Mex & Tequila and Local Pour are now open in Restaurant Row, with Truluck’s and Fogo de Chão under development. Retailers now open include Cadence Bank, CUPS Frozen Yogurt, KB Kasuals, Kriser’s Natural Pet, Pier 1 Imports, Starbucks, Venetian Nail Spa and Whole Foods Market. Other retails, including 18|8 Fine Men’s Salons, Macaron by Patisse and Willa Boutique, will open at Hughes Landing soon.
FORT WORTH, TEXAS — Trademark Property Co. is launching a micro-restaurant program dedicated to attracting unique restaurant concepts to Waterside, a 63-acre mixed-use development under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth. Trademark will lease three or four micro-restaurant spaces ranging between 600 and 1,000 square feet to local and regional businesses. The micro-restaurants will be located around The Grove, Waterside’s central public space. The Grove will serve as the heart of the development, featuring outdoor seating for restaurants, public art and the re-use of existing playground and amusement ride equipment. Waterside broke ground on its first phase of development in 2014 and later announced its first anchor tenant, a 45,000-square-foot Whole Foods Market, the first in Fort Worth. The Grove and the first 383 multifamily units will be substantially complete by spring 2016 when the retail and restaurants are projected to open.
ROCKFORD, ILL. — The Boulder Group has brokered the sale of a single-tenant net lease Hooters located at 6904 Argus Drive in Rockford, which is approximately 90 miles northwest of Chicago. The property is 4,700 square feet and sold for $1.9 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller who are undisclosed. There are over five years remaining on the corporately guaranteed Hooters lease. The lease features no landlord responsibilities and 10 percent rental escalations every five years. The Boulder Group is a boutique investment real estate service firm specializing in single-tenant net lease properties.
THE WOODLANDS, TEXAS — Fogo de Chão, a Brazilian steakhouse, has signed a lease agreement to open a new location in Restaurant Row at Hughes Landing, a 66-acre mixed-use development offering views of the 200-acre Lake Woodlands. This will be the second Houston-area location for the steakhouse. Rob Rowe of Sierra U.S. and Jack Breard of CBRE | UCR represented Fogo de Chão, and Rip Reynolds of The Howard Hughes Corp. represented The Woodlands Development Co. in leasing negotiations.
HOUSTON — CBRE has arranged a 3,535-square-foot lease with Peli Peli Kitchen, a new fast-casual restaurant chain inspired by modern South African and Southern cuisines. The restaurant will be located within the Gateway at Spring Valley development at 9090 Katy Freeway in Houston. Eric Lestin and Kyle Golding of CBRE’s Houston office represented Peli Peli in the site selection and lease transaction. The new restaurant is slated to open by spring 2016. Peli Peli Kitchen joins its sister restaurant Peli Peli, which has locations in the Vintage Park Shopping Center and the Houston Galleria. Houston-based Ersa Grae Corp. is the developer of Gateway at Spring Valley, located at the corner of Campbell Road and I-10.
