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.
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.
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.
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.”
KATY AND SAN ANTONIO, TEXAS — Marcus & Millichap has arranged the sales of Center at Cinco Ranch, a 11,706-square-foot retail property located in Katy, and an 1,785-square-foot Starbucks in San Antonio. In the first transaction, James Bell of Marcus & Millichap’s Houston office represented the buyer, a partnership. Center at Cinco Ranch is located at 23100 Cinco Ranch Blvd. in Katy. In the second transaction, Bell marketed the property on behalf of the seller, a developer. The Starbucks is located at 3718 Horizon Hill Blvd.
GEORGETOWN, TEXAS —VertsKebap has leased 1,500 square feet of retail space in Republic Square, a shopping center located at 900-930 N. Austin Ave. near IH-35, for a new location. The fast-casual restaurant specializes in kebap, a rotisserie meat served with fresh vegetables in a variety of ways. Republic Square recently underwent a remodel to improve the center’s façade and signage. Brett Maze and Campbell Anderson with the Commercial Retail Division of The Weitzman Group handled negotiations as leasing agents for Republic Square. John Heffington with CBRE handled negotiations for the restaurant.
WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.
HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of Logan’s Roadhouse, a 6,165-square-foot net-leased property located in Corpus Christi. Jason Vitorino, Adam Gottschalk and Jared Aubrey of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Vitorino, Gottschalk and Aubrey also procured the buyer, a local private investor. Logan’s Roadhouse is located at 5057 S. Padre Island Drive in Corpus Christi, adjacent to Highway 358. Built in 2007, the asset is a pad site to Academy Sports+ Outdoors, Walmart and Home Depot. At the time of listing, Logan’s Roadhouse had 13 years remaining of its original 20-year net lease.
RICHARDSON, TEXAS — KDC, a real estate development and investment firm, has announced that Good Union Urban Barbeque will open its first location at CityLine, the company’s 186-acre mixed-use project in Richardson. The restaurant will serve Texas barbeque. Meat will be smoked on an indoor fire pit equipped with ventilation to accommodate the building. There will be a patio facing the central plaza where guests can enjoy craft beers and premium cocktails from the full-service bar while listening to live music in the park. The 3,903-square-foot restaurant is scheduled to open in the fall of 2015. It will be located in the base of One CityLine at 1150 State St.