CEDAR HILL, TEXAS — John T. Evans Co. has brokered the sale of a 4,700-square-foot restaurant building located in Cedar Hill. The building is situated on 1.12 acres at the intersection of Highway 67 and Belt Line Road, and it was formerly occupied by Bennigan's. The buyer is a local Japanese hibachi restaurant operator. Craig Johnson and Ben Johnson of John T. Evans Co. represented the seller, a Chicago-based investor. The acquisition price was not disclosed.
Restaurant
ELYRIA, OHIO — Centro Properties Group has leased 9,900 square feet of space to No. 1 Buffet Chinese Restaurant. The property is located at the corner of West River Road North and Midway Boulevard within Midway Crossing in Elyria. Avi Abroms provided in-house representation for Centro Properties Group, which owns the property. Terms of the lease were not released.
DAYTON, OHIO — Logan’s Roadhouse Restaurant has signed a lease for 6,500 square feet of space at South Towne Centre, which is located on Miamisburg-Centerville Road in Dayton. David Kozar of Indus Cos. represented the tenant; Elizabeth Houser provided in-house representation for the landlord, Centro Properties Group, in the transaction. Additional terms of the lease were not disclosed.
MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.
KANSAS CITY, MO. — Ingredient is opening two new restaurant locations in the Kansas City. The first location, which opened in October, is located at in Town Pavilion at 12th & Main Street. The 5,600-square-foot restaurant occupies the former Mango Room space on the first floor of the 34-story office and retail complex. The second location, which is slated to open in mid-January 2010, will be located at 4807 Jefferson St. within the Country Club Plaza. The 5,034-square-foot property is currently under construction. Ingredient is a fast-casual restaurant serving customizable salads, brick-oven pizzas, sandwiches, wraps and fresh soups.
GREENWOOD VILLAGE, COLO. — Pinnacle Real Estate Advisors has represented both parties in the $2.5 million sale of a net-leased Romano’s Macaroni Grill, located at 7979 E. Arapahoe Rd. in Greenwood Village. Rob Edwards, Tom Ethington and Justin Krieger of The Pinnacle Retail Group represented the out-of-state seller Cardinal Capital, and the group’s Russ Agnew represented the local buyer Bowaut Inc.
DALLAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $9.92 million in financing for the acquisition of the Midwest Triple Net Portfolio, a restaurant portfolio comprising 18 properties located nationwide. All of the restaurants are subject to triple-net leases and a majority are backed by corporate credit. The financing package includes a $5.92 million fixed-rate mortgage and $4 million in preferred equity investment. The borrower is a partnership sponsored by Midwest Restaurant Group. The borrower purchased the portfolio from Spirit Master Funding. Scott Lynn and Sunny Sajnani of MCA arranged the financing package.
SAN CLEMENTE, CALIF. — A 1,300-square-foot The Flame Broiler restaurant recently opened at Centro Properties Group’s Ocean View Plaza, located between Camino de los Mares and Interstate 5 in San Clemente. NAI Capital’s Les Yamamoto represented The Flame Broiler, and Centro Properties Group was represented in house by Matthew Berger and Gavin Gray.
CHICAGO — Chicago-based Structured Development has signed two restaurant leases at Chicago & Northwestern Railroad Powerhouse, which is located at 211 N. Clinton St. in Chicago. Prairie Fire has inked a deal for a 6,400-square-foot restaurant. Slated to open in later this year, the 150-seat restaurant will offer moderately priced contemporary American comfort food with an emphasis on local and seasonal ingredients. New Line, a bar and grill concept from Spare Time Inc., has leased 3,000 square feet and will open in early October. Sean Lutz of Sperry Van Ness represented Prairie Fire and New Line; Jeff Bernard of REIS represented the landlord, Structured Development, in the lease transactions.
AUSTIN AND TEMPLE, TEXAS — Five Guys Burgers & Fries has signed leases to open two new restaurants in Texas. The first is a 2,851-square-foot restaurant located within The Arboretum in Austin, and the second is a 2,500-square-foot restaurant located within Bird Creek Crossing in Temple. Mike Minicucci and Robert O'Farrell of SRS Real Estate Partners represented Five Guys in lease negotiations. Five Guys currently has five locations in Central Texas. In the past year, SRS has helped the company sign leases for locations in San Antonio, Austin and Harker Heights, Texas.