HOMER GLEN, ILL. — Marcus & Millichap has arranged the $3.1 million sale of Chili's, a 5,557-square-foot net-leased property located in Homer Glen. The restaurant, located at 14205 S. Bell Road, is a 20-year, absolute net-lease property that includes four, five-year option periods with 1.5 percent annual rental increases throughout the lease. ERJ Dining guarantees the lease.Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor. Sharko and Weisenbeck also represented the buyer, also a private investor.
Restaurant
HOUSTON — AmREIT has leased a 7,000-square-foot outparcel at the Woodlake Square shopping center in Houston to Tex-Mex restaurant El Tiempo Cantina. A joint venture between AmREIT and AEW Capital Management acquired Woodlake Square in 2010 and completed redevelopment of the property, which is anchored by Randalls Lifestyle, in 2012. AmREIT purchased the shopping center from the joint venture in September 2013. With El Tiempo Cantina’s lease, the property is now 97.3 percent leased.
WOODRIDGE, ILL. — Sperry Van Ness has arranged the $2.2 million sale of a 13,309-square-foot multi-tenant restaurant property in Woodridge, which is approximately 30 miles west of Chicago. The property is located at 6320 Route 53 and is comprised of two independent restaurant spaces. Tilted Kilt leases one of the spaces. The other restaurant space is vacant and available for lease. Vincent D’Amico of Sperry Van Ness represented the undisclosed seller in the transaction. The buyer was a national investor that specializes in restaurant properties.
CHICAGO — Englewood Construction has completed work on Harry Caray’s 7th Inning Stretch restaurant and the Chicago Sports Museum in Chicago’s Water Tower Place building. Harry Caray’s Restaurant Group hired Englewood to build a new complex to pay tribute to Harry Caray, the late legendary baseball broadcaster renowned for his seventh-inning rendition of “Take Me Out to the Ball Game” at Chicago Cubs games at Wrigley Field. The 22,928-square-foot complex, which opened April 2, is on the seventh floor of Water Tower Place located at 835 N. Michigan Ave. The 250-seat restaurant and bar serves American cuisine and the 8,000-square-foot museum features five exhibits, ranging from unraveled sports mysteries to hall of legends. Chicago-based firms Barker/Nestor Architecture + Design and Ingrassia Design designed the project.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of two net-leased restaurant properties in the northern Dallas/Fort Worth suburb of Grapevine. The assets include a 9,551-square-foot building, located at 1285 S. Main St. and occupied by Fireside Pies; as well as a 5,595-square-foot building located at 1265 S. Main St. and occupied by Winewood Grill. The restaurants are part of the Grapevine Epicenter development, which is in close proximity to State Highway 114. Jason Vitorino of Marcus & Millichap marketed the properties on behalf of the seller, a local private investor, and also procured the buyer, a limited liability company. Single Purpose LLC will operate the facilities and has guaranteed the leases.
DETROIT — HopCat, a Michigan-based beer pub, has purchased the former Agave restaurant building in Midtown Detroit for an undisclosed price. Adam Goodman and Tony Schmitt of Mid-America Real Estate-Michigan Inc. and Chris Muller of M Retail Solutions represented HopCat in the transaction. Midtown Detroit Inc. was the seller of the property. This will be HopCat’s third location in Michigan. The bar has locations in Grand Rapids and East Lansing. The new Midtown location at 4265 Woodward Ave. will feature 130 taps, which is set to be the largest craft beer bar in the state. The new bar is scheduled to open in August.
LIVONIA, MICH. — Colliers International has arranged the lease of 10,280-square-foot industrial space located at 12050 Hubbard Street in Livonia. John Lominack of Colliers International represented the tenant, BIGA Commissary LLC, a pizzeria restaurant, in the transaction. The space will be used for a commercial kitchen to support BIGA Commissary’s expanding restaurant operations.
DALLAS — HFF has arranged a $65 million refinance loan for a portfolio of 99 Burger King properties in six states. Dallas-based HFF, which represented affiliates of Jaylor Services, secured a 10-year, fixed-rate, non-recourse loan through Ladder Capital. Burger King locations in the portfolio include four in Missouri, three in Kansas, 57 in Louisiana, 22 in Alabama, four in Florida and nine in Mississippi. All properties are leased on a long-term, absolute triple-net-lease basis to an affiliate of Strategic Restaurants, a subsidiary of Ceberus Capital Management. The HFF team included Mark West and Brandon Chavoya.
HOUSTON — Vista Equities Group has leased 3,886 square feet of restaurant space at the LaCenterra at Cinco Ranch development in Houston to Torchy’s Tacos, a Texas-based chain. The new eatery, set to open this summer, will be the fourth Torchy’s location in Houston and will serve breakfast, lunch and dinner. Vista Equities Group was represented internally by Donna Keith. Jamie Weaver of Baker Katz represented Torchy’s Tacos in the negotiations.
THE WOODLANDS, TEXAS — Crust Pizza Co., a restaurant concept developed in The Woodlands, will open at Creekside Park Village Center, a mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The pizzeria will occupy a 2,500-square-foot space along the complex’s Village Green, which includes a tree-lined park, walkways and water feature. The new location will be Crust Pizza’s third in The Woodlands. Opening is slated for this fall. Mark Raines of CBRE represented Crust Pizza in the lease negotiations, while Rip Reynolds of The Howard Hughes Corporation represented The Woodlands Development Company.