DALLAS — Phoenix-based Opus West Corp. has signed its first five retail tenants for Broadstone Parkway, a 5.8-acre multi-use project located at the intersection of Inwood, Galleria and Simonton roads in Dallas. The new tenants include Hibashi, a 9,988-square-foot Teppan grill and sushi bar; Chill Bubble Tea, a 1,150-square-foot smoothie store; L’Image Salon, a 1,537-square-foot, full-service beauty salon; Firehouse Subs, a 2,000-square-foot sandwich shop; and Lover’s Egg Roll, a 2,000-square-foot Chinese restaurant. With the recent leases, the 39,000-square-foot retail and restaurant component of the project is approximately 50 percent leased. Developed by Opus in partnership with Alliance Communities, Broadstone Parkway features 333 luxury apartments and townhomes, along with the retail component and a five-story parking garage. The Weitzman Group is handling leasing efforts for the retail component of the project.
Restaurant
NEW YORK CITY AND SYRACUSE, N.Y. — New York City-based Branded Concept Development has been selected to provide construction management services for two construction projects for Dinosaur Bar-B-Que. The restaurant’s Harlem location is moving to the corner of 12th Avenue and 125th Street, across the street from its present location, to accommodate the expansion of Columbia University. The new restaurant will total 7,200 square feet. Additionally, Dinosaur Bar-B-Que is adding a second level to its flagship Syracuse location. The approximately 3,700-square-foot space will be designed to resemble a beer hall, and will feature additional dining space, private event space and a concert venue.
HOUSTON AND DALLAS — Glendale, Calif.-based DineEquity Inc., a franchisor and operator of Applebee’s Neighborhood Bar & Grill restaurants, has sold 66 company-owned restaurants located in Houston, Dallas and Albuquerque, N.M. The 22 Houston-area restaurants were purchased by Wellington Yu, president of Peterson Group Inc. The 37 Dallas-area restaurants were sold to Sunil Dharod, president and CEO of Synned Inc. The seven Albuquerque-area restaurants were sold to Andy Patel, president of Anand Enterprises and Mina Inc. The Texas transactions are expected to close in the fourth quarter of 2008, and the New Mexico transaction is expected to close in the first quarter of 2009. The 66 Applebee’s sold in Texas and New Mexico are part of 110 company-owned locations that DineEquity has sold this year. Other restaurants are located in Nevada, Southern California and Delaware. DineEquity expects to generate approximately $63 million in after-tax proceeds from the sales, as well as approximately $50 million in sale-leaseback agreements related to the franchising agreements. Proceeds will be used to reduce DineEquity’s consolidated funded debt obligations.
MARYLAND, VIRGINIA AND WEST VIRGINIA — NPC International has acquired 99 Pizza Hut stores located in Maryland, Virginia and West Virginia from Colonial Foods for $81.8 million. The 50 dine-in restaurants, three Pizza Hut/Yum! brand stores and 46 delivery units are located primarily in Virginia. NPC funded the purchase by borrowing against its $75 million revolving credit facility and utilizing $5 million in cash reserves. NPC is the world’s largest Pizza Hut franchisee.
ALLEN, TEXAS — The Woodlands Grill has held the grand opening for its fourth location at 932 Garden Park Dr. in Allen. The new restaurant is situated within Watters Creek at Montgomery Farm, a 1.15 million-square-foot, mixed-use development. The restaurant seats 220, and also contains an outdoor dining patio and a semi-private dining area for special events. The design of the restaurant is inspired by Frank Lloyd Wright’s famous Fallingwater House.
SOLANA BEACH, CALIF. — Pinnacle Solana LP, an affiliate of Pinnacle Hotels USA, has purchased a 34,840-square-foot property in Solana Beach for $3.4 million. Located at 647 N. Highway 101, a portion of the property is currently occupied by Parioli’s Italian Bistro; the balance is zoned for commercial use. Joseph Balla and Steve Bruce of Lee & Associates Carlsbad office represented both parties in the transaction. The seller was TMD LLC.
INDIANA, OHIO AND IOWA — CKE Restaurants Inc. has sold 29 Hardee’s restaurants as part of its ongoing strategic refranchising program that was originally announced in April 2007. The company has completed the sale of 23 restaurants in Indiana and Ohio to Midwest First Star Inc. for an undisclosed amount. Midwest First Star Inc., with Farooq Shah and Carri Simon as principals, has also committed to building a minimum of seven new Hardee’s restaurants in these markets over the next 7 years. Additionally, CKE Restaurants Inc. completed the sale of six Hardee’s restaurants in the Davenport, Iowa, market. Last year, Westar Foods Inc. acquired Hardee’s restaurants throughout the Des Moines and Cedar Rapids, Iowa, markets. Westar Foods has committed to build a minimum of four new restaurants in the Davenport market over the next 4.5 years. Both transactions were brokered by Franchise Resale Consultants LLC, d/b/a Praetorian Group.
SUNRISE, FLA. — Ron Osborne of Marcus & Millichap’s Fort Lauderdale, Fla., office brokered Bull Investment’s sale of a 6,244-square-foot vacant restaurant building to Church of God of Prophecy Sunrise/Lauderhill Inc. for $1.35 million. Located at 7730 W. Oakland Park Blvd. in Sunrise, the former Woody’s Bar-B-Que will be converted into a church.
HOLIDAY, FLA. — A private buyer has purchased a 2,714-square-foot Popeye’s restaurant for $775,000. Located in Holiday on U.S. Highway 19, the restaurant was the last franchise in the portfolio of Deerfield, Ill.-based Southeastern Restaurant Properties. Michelle Seifert and Josh Tarkow of Grubb & Ellis|Commercial Florida represented the seller, and the buyer was represented by Florida Realty Centers.
ORLANDO, FLA. — TIAA-CREF’s Charlotte, N.C., office will build a 7,500-square-foot Sweet Tomatoes Restaurant in the Crossroads Shopping Center at Lake Buena Vista, located along S. Apopka-Vineland Road, in Orlando. The restaurant is projected for completion in fourth quarter 2008. Nick Boehme of CB Richard Ellis’ Orlando office will serve as the owner’s representative and oversee site modifications and construction. Dave Kreinest of CB Richard Ellis’ Jacksonville, Fla., office and Brit Christian of the Orlando office also negotiated the project management deal.