CHICAGO — The Boulder Group has brokered the $2.4 million sale of a single-tenant, net-leased Burger King in Chicago. The property is located at 2345 S. Pulaski Road. Burger King is the sole occupant of the 2,980-square-foot building, which was built in 2009. The Burger King is positioned as an outparcel to a recently developed multi-tenant shopping center anchored by Advance Auto Parts and DaVita Dialysis. Burger King’s original 20-year lease expires in December 2029 and features 5 percent rental escalations every five years throughout the primary term and renewal option periods. Heartland Midwest LLC, a wholly owned subsidiary of Heartland Food Corp., guarantees the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based private partnership. A New York-based high-net-worth individual purchased the property.
Restaurant
ATLANTA — Westside Ironworks LLC has inked a lease agreement with Barcelona Restaurant and Wine Bar to open the restaurant’s second Atlanta location at Westside Ironworks, an 18,500-square-foot adaptive reuse retail project in Atlanta’s West Midtown neighborhood. The $8.5 million project is expected to open in spring 2015. The property is the former home of Iron-Works International Inc. and features 45-foot-high wood roofs and large entrance doors and windows. After a $3 million renovation and expansion, Barcelona will occupy the approximately 4,000-square-foot, freestanding building on the site. The restaurant is slated to open its doors in mid-2015. Stephanie McCall of The Shopping Center Group handles leasing responsibilities for Westside Ironworks.
LAKE BLUFF, ILL. — The Boulder Group has brokered the $3.2 million sale of a two-tenant, net-leased property in Lake Bluff, Ill., a suburb of Chicago. The 7,902-square-foot retail center, originally built in 1985, is located at 305 S. Waukegan Road. Panera Bread and Noodles & Co. are tenants in the building. The property is an outparcel to a Heinen’s grocery-anchored center. Heinen’s, an upscale grocery store chain, replaced the vacant Dominick’s property. Panera has more than four years remaining on its lease that expires Aug. 31, 2018. The lease features two five-year renewal options with 10 percent rental escalations. Noodles & Co. has more than 10 years remaining on its lease, which expires Oct. 31, 2024. The lease features a 6.7 percent rental escalation in the primary term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a foreign investor from Spain, in the transaction.
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.
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.