COVINGTON, LA. — Movie Tavern, an in-theater dining concept, plans to open its first Louisiana in Covington on July 31. The new theater, located at 201 N. Highway 190, will feature eight screens with one auditorium featuring MT-X (Movie Tavern Xtreme), an enhanced theater that has a three-story screen, 3D projector and Dolby Atmos sound. With the new location, Movie Tavern has 18 properties in eight states.
Restaurant
SYRACUSE, N.Y. — Carrols Restaurant Group has entered into a definitive agreement to purchase 21 Burger King restaurants from Kessler Group. The restaurants are around Rochester, N.Y., and in the Southern Tier region of Western New York. The transaction is expected to close by the end of July. This transaction is the latest in Carrols’ move to expand and increase its ownership of Burger King restaurants. The company recently acquired eight restaurants in two separate transactions — four locations in the Pittsburgh market and four locations in Fort Wayne, Ind.
CHARLOTTE, N.C. — Bojangles’ Restaurants Inc. has opened its 600th restaurant, located on Galleria Boulevard off Monroe Road in Charlotte. The Charlotte-based chicken chain expects to open 55 to 60 locations throughout the Southeast this year, adding new restaurants in more than 25 market areas including Atlanta; Birmingham, Alabama; Orlando; Richmond, Virginia; and Nashville, Knoxville and Tri-Cities, Tennessee. This year’s expansion is part of Bojangles’ long-term growth plan to have 1,000 locations open by 2020.
TERRELL, TEXAS — Whataburger has leased a 41,000-square-foot pad site at the Terrell Market Center. The site is located at the northeast corner of FM 148 and Crossroads Parkway in Terrell, 40 minutes east of Dallas. Opening is scheduled for summer 2015. W. Thurston Witt, Jr. of UCR Dallas represented Whataburger, and Andrew Lehner, also with UCR, represented the developer, Oakridge Investments.
RICHMOND, VA. — The Boulder Group has arranged the $1.6 million sale of a single-tenant Chipotle Mexican Grill in Richmond. The recently developed 2,215-square-foot property is located at 8955 Staples Mill Road. The restaurant is an outparcel to a Target-anchored shopping center and is located across the street from a Kroger-anchored shopping center that’s currently under construction. Chipotle has approximately nine years remaining on its lease term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate partnership based in North Carolina, in the transaction. The buyer was an investor based in Germany.
LIVONIA, MICH. — Gerdom Realty & Investment has arranged the lease of a 2,470-square-foot retail space for Mikey’s Burgers & Fries in Livonia. The locally owned restaurant chain will occupy space in the LA Plaza located at Plymouth Road. The restaurant has operating chains in Howell, Brighton and Hartland. Mikey’s Burgers & Fries plans to open its Livonia location later this year. Larry Siedell and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord in the transaction. Eric Unatin, of Armada Real Estate represented the tenant.
CAMBRIDGE, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Arby's restaurant in Cambridge. The 3,524-square-foot, net-leased property is located at 2350 2nd Ave. SE. Adam Prins, Matthew Hazelton and Mike Marzinske of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ryan Cockerill and Simon Jonna of Marcus & Millichap’s Detroit office represented the buyer, a private investor.
EDISON, N.J. — The Goldstein Group has brokered a deal for Quaker Steak & Lube to open its second location in New Jersey. The fast-casual restaurant will occupy 7,500 square feet of space at Wick Shopping Plaza, located on Route 1 in Edison. Other tenants at the center include TJ Maxx, Pathmark, RadioShack, Mandee, AutoZone, Qdoba, Five Guys, Game Stop, Sally Beauty Supply and Planet Fitness. John Ostrowski and Chuck Lanyard of The Goldstein Group arranged the transaction.
FARMINGTON HILLS, MICH. — The Boulder Group has arranged the $1.4 million sale of a new McDonald’s ground lease in Farmington Hills. The 1.4-acre parcel is located along Grand River Avenue in metro Detroit. McDonald’s is the sole occupant of the 4,500-square-foot building. The property is fully leased to McDonald’s with 20 years remaining on the lease. The lease has escalating rents in the primary term and renewal option periods. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based investment firm. A California-based high-net-worth investor purchased the property in a 1031 tax-deferred exchange.
MANSFIELD, OHIO — Marcus & Millichap has brokered the $1.7 million sale of a Chipotle Mexican Grill restaurant in Mansfield. The 2,240-square-foot property is located at 2470 O'Possum Run Road. The asset sold based on a 5.45 percent cap rate. The property is on a long-term, absolute triple-net lease with Chipotle Corp. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a limited liability company as well as the undisclosed buyer.