Thursday, May 15, 2025
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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Negotiates $1.7M Sale of Andy’s Frozen Custard-Occupied Property in Mokena, Illinois

by Kristin Harlow

MOKENA, ILL. — Marcus & Millichap has negotiated the $1.7 million sale of a 2,200-square-foot retail property occupied by Andy’s Frozen Custard in Mokena, a southwest suburb of Chicago. Built in 2024, the net-leased building is located at 11275 W. Lincoln Highway near Meijer, Panda Express and PetSmart. Nicholas Kanich of Marcus & Millichap represented the seller, an Illinois-based real estate investment firm. Kirk Trammel, David Cutler and Joshua Johnson of Marcus & Millichap represented the buyer, a California-based family trust. The property sold at 98 percent of the listing price. Andy’s Frozen Custard maintains more than 135 locations nationwide.

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DevelopmentNew YorkNortheastRestaurantRetail

Vornado Realty Trust Completes Plaza33 Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Vornado Realty Trust has completed the Plaza33 project in Midtown Manhattan. Plaza33 is the centerpiece of a $65 million development by Vornado to make the streetscape around Penn Station greener and more pedestrian friendly. The project introduced 16,000 square feet of reclaimed public space, replete with new landscaping, seating and transit mechanisms, as well as spaces for new food-and-beverage operators.

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11321-Talbert-Ave-Fountain-Valley-CA
AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Hanley Investment, Oaks Commercial Arrange $3.8M Sale of McDonald’s-Occupied Property in Fountain Valley, California

by Amy Works

FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Brokers $3M Sale of Restaurant Property in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — SVN Chicago Commercial has brokered the $3 million sale of an 11,916-square-foot restaurant property in the Chicago suburb of Warrenville. The two-building asset is located at 28258 Diehl Road. Ronald Weissenhofer of SVN represented the buyer, the owner of Simply South Indian Cuisine. The transaction marks the first Midwest location for Simply South Indian Cuisine, which plans to expand across the country. The seller was undisclosed.

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DevelopmentIllinoisMidwestRestaurantRetail

Next Realty Completes Development of Chipotle-Occupied Retail Property in Barrington, Illinois

by Kristin Harlow

BARRINGTON, ILL. — An affiliate of Next Realty LLC has completed development of a 2,460-square-foot retail property occupied by Chipotle in the northwest Chicago suburb of Barrington. Next acquired the site at 550 Hough St. in 2022 when it was a former Bank of America property. The newly reconfigured outlot has parking for 25 cars and a Chipotlane for mobile order pickups. Buildtech was the general contractor. Sarah Norlander and Elizabeth Sweeney of Mid-America Real Estate represented Next, while Steve Fishman of Mid-America represented Chipotle.

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CFA-Murrieta-CA
AcquisitionsCaliforniaRestaurantRetailWestern

SRS Negotiates $6.1M Ground Lease Sale of Chick-fil-A-Occupied Property in Murrieta, California

by Amy Works

MURRIETA, CALIF. — SRS Real Estate Partners has arranged the $6.1 million ground lease sale of a restaurant property at 27960 Clinton Keith Road in the Inland Empire city of Murrieta. Chick-fil-A occupies the 5,000-square-foot property, which opened for business in March and has a 15-year ground lease in place. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller and developer, Newport Beach-based Sage Investco, and the buyer, a California-based private family trust, in the all-cash transaction. The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 million for the Class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco and ALDI.

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Leasing ActivityNew YorkNortheastRestaurantRetail

Chick-fil-A, Hounds Town USA to Open at Mixed-Use Building in Brooklyn

by Taylor Williams

NEW YORK CITY — Atlanta-based fast food chain Chick-fil-A and dog daycare concept Hounds Town USA have signed leases at 809 Atlantic Ave., a 60,000-square-foot mixed-use property in Brooklyn. Chick-fil-A will occupy 5,000 square feet within the building, while Hounds Town USA will occupy 6,000 square feet. The building also houses residential and healthcare space. David Alani and Michael Friedman of Inline Realty represented Chick-fil-A in the lease negotiations, and JLL represented the landlord, Hope Street Capital.

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Leasing ActivityRestaurantRetailTexas

Nona’s Italian Grill to Open 3,500 SF Restaurant in Montgomery, Texas

by Taylor Williams

MONTGOMERY, TEXAS — Nona’s Italian Grill will open a 3,500-square-foot restaurant in Montgomery, about 60 miles north of Houston. The space is located within the Woodforest master-planned community. Jackson Cain of SVN | J. Beard Real Estate represented the undisclosed landlord in the lease negotiations. Josue Posada of Posada Realty Associates represented the tenant. The restaurant is expected to open before the end of the year.

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AcquisitionsMidwestRestaurantRetailWisconsin

Marcus & Millichap Brokers $1.4M Sale of Taco John’s-Occupied Property in Milwaukee

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has brokered the $1.4 million sale of a Taco John’s-occupied restaurant property in Milwaukee. The net-leased building, constructed in 2023, is located at 4650 S. 5th St. adjacent to the Milwaukee International Airport. Carson Breshears and Hank Wolfer of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. Todd Lindblom assisted in closing the transaction as the broker of record in Wisconsin.

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Company NewsDevelopmentGeorgiaRestaurantRetailSoutheast

Jack in the Box Plans 15-Restaurant Expansion into Georgia

by Hayden Spiess

SAN DIEGO — San Diego-based Jack in the Box has announced plans to open 15 restaurants in Georgia, marking the first entry into the state for the fast-casual brand. According to a press release from the company, the new sites have not yet been selected, but plans include a focus on the Macon, Augusta and Savannah markets. A franchisee will own and operate the restaurants. Jack in the Box also recently announced a commitment to 30 new locations in Florida. 

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