LOUISVILLE, KY. — Louisville-based PRG Investments has brokered the sale of three restaurants in Kentucky and South Carolina. PRG brokered the sale-leaseback of two Raising Cane restaurants in central Kentucky: 551 Keene Center Drive in Nicholasville and 2555 Nicholasville Road in Lexington. Fred Sutterlin and Reed Weinberg of PRG represented the buyer, an individual investor based in Louisville, in the transaction. David Graves of Cypress Property Group represented the seller. Sutterlin also brokered the franchise sale-leaseback of a Dunkin’ Donuts located at 754 Folly Road in Charleston, S.C. on behalf of the buyer, a private investor based in Louisville.
A blistering cold winter lingered into the late spring and left the commercial real estate market in the Grand Traverse region frozen. Businesses waited for the market and the temperatures to thaw, and a third-quarter surge has activity back on track. From Jan. 1 through Sept. 30, property sales totaled $10.3 million and 221,136 square feet, including 118,515 square feet of industrial/warehouse buildings, 79,463 square feet of professional/medical office space, and 23,158 square feet of retail/restaurant space. That‘s slightly ahead of last year’s pace. During the first three quarters of 2013, property sales totaled $9.9 million and 207,845 square feet, including 121,469 square feet of industrial/warehouse buildings, 44,160 square feet of professional/medical office space, and 42,216 square feet of retail/restaurant space. The office sector posted about a 9 percent increase in the average sales per square foot during the first three quarters of 2014, while the industrial warehouse market recorded an increase of approximately 5 percent. The retail/ restaurant sector saw a 9 percent drop in the average sales per square foot The reduction in the average sales price in the retail/restaurant market sector is mostly due to the lack of quality inventory. This lack of inventory in our market …
MORRISTOWN, N.J. — Hollister Construction Services has completed the transformation of Vail Mansion into Jockey Hollow Bar & Kitchen in Morristown. The construction project consisted of a complete retrofit of the historic 18,000-square-foot Vail Mansion, which was built in 1917. Developed by New York City chef and restaurateur Chris Cannon, Jockey Hollow Bar & Kitchen is a four-part restaurant concept featuring The Oyster & Wine Bar at Jockey Hollow, the Vail Bar cocktail lounge, The Rathskeller private event space and The Dining Room in Jockey Hollow. Jockey Hollow Bar & Kitchen occupies three full floors and the basement of the mansion and offers a menu of contemporary American and Italian-inspired dishes.
EAGAN, MINN. — Marcus & Millichap has arranged the sale of a 2,112-square-foot Taco Bell, net-leased property in Eagan. The property is located at 2000 Cliff Road. Border Foods Inc. guaranteed the lease. The property is an outparcel for Regal Cinemark Movies 16 and is adjacent to a Target Shopping Center and a Cub Foods. Dan Yozwiak and Mark Lovering of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. Joubin Manoocherhi of JNM Investments in Los Angeles, Calif. represented the undisclosed buyer.
MIAMI — Marcus & Millichap has brokered the $26.5 million sale-leaseback of 12 Wendy’s restaurants in South Florida. Adam Tiktin and Debra Franklin of Marcus & Millichap’s Miami office, along with Philip Rosen of Bloomgarden, Goudreau & Rosen PA, represented the seller, Starboard Group, in the transaction. Todd Cohen, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the buyer, a Miami-based limited liability company. Farhan Kabani of Mark One Capital arranged a 10-year acquisition loan that amortizes over 30 years on behalf of the buyer. As part of the transaction, Starboard Group signed a new 20-year lease at the restaurants. The 12 Wendy’s restaurants are located at 831 Yamato Road in Boca Raton; 4950 Linton Road in Delray Beach; 15020 Jog Road in Delray Beach; 1197 S. Military Trail in Deerfield Beach; 10050 W. Sample Road in Coral Springs; 4676 N. University Drive in Coral Springs; 6375 W. Sample Road in Coral Springs; 9960 W. Oakland Park Blvd. in Sunrise; 14900 S.W. 31st St. in Miramar; 7560 N.W. 186th St. in Hialeah; 11925 N.W. 27th Place in Miami; and 1515 N.W. 7th St. in Miami.
FORT WORTH, TEXAS — Hillwood Properties has finalized an agreement with Dallas-based Entertainment Properties Group Inc. to develop PINSTACK, a 50,000-square-foot entertainment venue at Alliance Town Center in Fort Worth. The planned venue will include bowling lanes and a full-service restaurant and bar that can accommodate up to 2,000 guests. The venue will also include meeting spaces to align with corporate and business needs. PINSTACK is scheduled to open in early 2016 at the intersection of Hillwood Parkway and Heritage Trace Parkway.
RICHARDSON, TEXAS — KDC has announced that Coal Vines, a fast-casual restaurant, will join CityLine, the company’s 186-acre mixed-use project in Richardson. The restaurant is scheduled to open in summer 2015. The restaurant is an Italian bistro concept serving individual pizzas, salads, pastas and several whole wheat and gluten-free options. Coal Vines will be located on State Street near CityLine Plaza.
ROYAL OAK, MICH. — Howard Schwartz Commercial Real Estate LLC has arranged the lease of 9,144 square feet in Royal Oak. Buffalo Wild Wings will occupy space at the former Barnes & Noble bookstore located at 500 S. Main St. Diversified Restaurant Holdings Inc. leased the space and will complete $2.6 million in renovations for the restaurant. The new eatery is expected to open January 2015.
WILMINGTON, DE. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a 3,400-square-foot restaurant and bar located at 115 East Main St. in Wilmington. Mainline Enterprises LLC purchased the property for $1.35 million from LGLB Inc. Currently doing business as 16 Mile Taphouse, the restaurant is affiliated with Georgetown’s 16 Mile Brewing Company. Joe Latina of Patterson-Woods Commercial Properties/CORFAC represented both the buyer and seller in the sale-leaseback transaction.
RICHARDSON, TEXAS — Chef Kent Rathbun’s Jasper’s “Gourmet Backyard Cuisine” restaurant concept will join CityLine, a 186-acre mixed-use project in Richardson. The restaurant is scheduled to open in summer 2015. KDC is the developer of the project. The restaurant will be located at the corner of Plano Road and State Street and features a casual design with a menu focused on America’s regional cuisine. Jasper’s will be open for lunch and dinner. The restaurant will include a boardroom and private dining rooms available for presentations, social events or business meetings. The Richardson location will also offer an outdoor dining area, bar and lounge.