TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.
Restaurant
SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Kirby’s Steakhouse, a 7,900-square-foot net-leased property in Southlake. The property is located at 3305 E. State Highway 114 in Southlake, just south of East Southlake Boulevard. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, a local private investor. The transaction resulted in the investor leasing the property back to the seller and a new 20-year net lease was executed at the close of escrow.
HOUSTON — Houston-based Baker Katz has negotiated 9,000 square feet of leases for Nothing Bundt Cakes in the Houston area. Lunden McGill of Baker Katz negotiated the leasing of the five locations with a number of different brokers. Each location is about 1,800 square feet. Nothing Bundt Cakes is known for its desserts, with locations throughout the country.
SCHAUMBURG, ILL. — Adelphia Properties has arranged the $4.2 million sale of a triple-net-leased, single-tenant Joe’s Crab Shack restaurant in Schaumburg. The property is located at 2000 E. Golf Road. The property sold at a 6.5 percent capitalization rate. Joe’s Crab Shack is the sole occupant of the 7,500-square-foot, freestanding building, which was built in 1994. George Spirrison & Simeon Spirrison represented the seller, a private group. An out-of-state investment group purchased the property in a 1031 tax-deferred exchange.
DALLAS — Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores over a 15-year period. Phil Adkins, president of Adkins Development Corp, has owned Shipley Do-Nuts franchises for 18 years. The company currently has 11 stores in the Metroplex.
SPRINGFIELD, ILL., TERRE HAUTE AND EVANSVILLE, IND. — Carrols Restaurant Group Inc. has signed definitive agreements to purchase 64 Burger King restaurants from certain subsidiaries of Heartland Food LLC for approximately $18 million excluding inventory. The restaurants include 11 restaurants in Springfield, Ill., 15 restaurants in Terre Haute, Ind., seven restaurants in Evansville, Ind., 27 restaurants in Nashville, Tenn. and four restaurants in other markets. The transaction is subject to certain closing conditions. In conjunction with the transaction, Burger King Corp. has also agreed to make a cash payment to Heartland at closing based on Carrols’ commitment to remodel 46 of the restaurants. Closing is expected to occur in late September or early October.
GURNEE, ILL. — The Boulder Group has completed the $2.2 million sale of a single-tenant IHOP property in Gurnee, approximately 40 miles north of Chicago. The property is located at 5670 Northridge Drive. The IHOP is an outparcel to Six Flags Great America, a 304-acre theme park. The restaurant is also near Gurnee Mills, a 1.8-million-square-foot indoor mall featuring Bass Pro Shops, Macy’s, Kohl’s, T.J. Maxx, Burlington Coat Factory and Sears. IHOP has approximately two years remaining its lease, which expires February 29, 2016. The lease is triple-net and features no landlord responsibilities. IHOP is a subsidiary of DineEquity. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Florida-based private individual. A Chicago-based real estate investor purchased the property in a 1031 tax-deferred exchange.
NORTHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $450,000 sale of an Arby’s located in Northwood, approximately eight miles southeast of Toledo. Bob Havasi of the Cooper Commercial Investment Group in Cleveland represented the seller, a New York partnership. A California-based private investor purchased the property in an all-cash transaction.
RAMSEY AND NORTHVALE, N.J. — Winick Realty Group NJ has brokered the leases for two new Jersey Mike’s locations in Bergen County, N.J. The sandwich shop leased 1,736 square feet at 557 North Franklin Turnpike in Ramsey and 1,750 square feet at 246 Livingston St. in Northvale. The Northvale location opened in June and the Ramsey location is expected to open in September. Gary Krauss of Winick Realty Group NJ represented Jersey Mike’s in both transactions. Gregg Slater of Equity Associates represented the landlord, Northvale Shopping Center Associates, in the Northvale lease, while the Ramsey landlord, Landmark Real Estate, was represented in-house.
BERWYN, ILL. — Summit Design + Build LLC has been selected as general contractor for the reconstruction of a 6,500-square-foot microbrewery building in Berwyn, a suburb 10 miles west of Chicago. Big Hurt Brewhouse will be located at 6801 W. Cermak Road. The project involves the redevelopment of an existing two-story limestone building, which was originally occupied by American State Bank and most recently Berwyn National Bank, into the flagship brewhouse for Chicago White Sox legend Frank Thomas. The baseball Hall of Famer launched his line of specialty brew — Big Hurt Beer — in the fall of 2011. Construction plans call for a complete gutting of the existing building, plus an interior renovation. The new microbrewery, sports bar and grill will feature an outdoor beer garden and include 2,200 square feet of second-floor offices and a private suite. Kisarau Architect Ltd. is providing architectural services for the project, which is slated for completion this fall.