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.
Restaurant
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.
ORLANDO, FLA. — Trammel Crow Company is developing a $100 million, 450,000-square-foot headquarter building for Darden Restaurants in Orlando. The LEED-certified project will include a 30,000-square-foot culinary development center, 25,000-square-foot training center, fitness center, bank branch and 17,000-square-foot data center. The three-story building is located on a 50-acre parcel on John Young Parkway. Completion of the data center is scheduled for January 2009, with occupancy for the entire facility scheduled for August 2009. Perkins + Will are the architects, and Hardin Construction serves as general contractor.
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