NORTHRIDGE, CALIF. – An 8,660-square-foot restaurant in Northridge that is triple-net leased to Black Angus Steakhouse has sold to Jonker 2012 Trust for $3.9 million. The restaurant is located at 9145 Corbin Ave. Black Angus has been the building’s sole tenant since it was built in 1981. The restaurant is situated near Lowe’s, the Northridge Fashion center and the Walnut Grove Shopping Center. The seller, Lot Associates 30 LTD, was represented by Bob Safai and Matt Case of Madison Partners.
ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.
THE COLONY, TEXAS — Several new tenants are set to move into Grandscape, a mixed-use development in The Colony. A Hampton Inn & Suites is projected to open in the fourth quarter of 2015, and a Homewood Suites will open in the fourth quarter of 2016. In addition, Cheddar’s Casual Café and Rock & Brews will open in the summer of 2015. Two more restaurants — Hard Eight BBQ and Mi Cocina — will open in the third quarter of 2015.
LOS ANGELES – GPI Cos. has acquired a 12,000-square-foot restaurant space in the Los Angeles submarket of Brentwood. The property traded close to the list price of $25 million, according to CBRE, which represented GPI. The Class A space is located at 11770 San Vincente Blvd. The building is situated on a 20,022-square-foot lot with 29 parking spaces. It is fully leased to First Republic Bank, Peet’s Coffee & Tea, Chase Bank (ATM), Gaucho Grill, Subway, Pizzicotto and Radco Realty. The space previously operated as Mezzaluna, an Italian restaurant that became famous for its link to the O.J. Simpson murder trial. It was the last restaurant Nicole Brown Simpson was seen dining at before she lost her life in June 1994. GPI was represented by CBRE’s Tim Kuruzar and Ken McLeod. The seller was a family trust that had owned the property for more than 40 years.
BETHESDA, MD. — Washington Property Co. has signed True Food Kitchen to occupy street-level space at Solaire Bethesda, an upscale apartment building located at the corner of Wisconsin and Woodmont avenues in Bethesda. Solaire Bethesda broke ground this summer and is expected to open in 2016. The 6,400-square-foot restaurant will be True Food Kitchen’s second property in the Washington, D.C. metropolitan area. Lee Engle of Streetsense and Joshua Gurland of WPC represented WPC in the lease transaction. Tom Papadopoulos of Papadopoulos Properties represented Phoenix-based Fox Restaurant Concepts in the transaction.
POWELL, OHIO — Marcus & Millichap has brokered the $930,000 sale of a 6,040-square-foot, net-leased restaurant property in Powell, approximately 17 miles north of Columbus. Luce Nuovo is located at 3499 Market St. The casual dining restaurant and wine bar serves Italian and French contemporary cuisine. Justin Fenn and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller and buyer, both limited liability companies.
FORT WORTH — Trademark Property Co., in partnership with Sarofim Realty Advisors, has acquired 63 acres of infill land located on the Trinity River at Bryant Irvin Road and Arborlawn Drive in Fort Worth. The property will become Waterside, a new mixed-use development. Phase I of construction at Waterside begins Oct. 20 and will include anchor tenant Whole Foods Market, along with retail, restaurants and 375 multifamily rental homes built by Transwestern Development Co. When completed, Waterside will include 200,000 square feet of retail space and restaurants, 20 acres of residential properties, 200,000 square feet of office space and a hotel. Phase I is scheduled to open in the spring of 2016.
DENVER – A 2,900-square-foot retail space in Denver that is triple-net leased to 7-Eleven has sold to a private investor for $1.8 million. The space is located at 450 Federal Blvd. It was built in 2012. The seller, a private investor from Texas, was represented by Jonathan Selznick and Jeff Hauber of Hanley Investment Group.
SCOTTSDALE, ARIZ. – Lo-Lo’s Chicken & Waffles has opened a 5,400-square-foot location in Scottsdale. The space is located at 3133 N. Scottsdale Road. The new location was built by LGE Design Build. An additional location is set to open at 366 N. Gilbert Road in Gilbert this December.
ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.
