Tuesday, August 26, 2025
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AcquisitionsCaliforniaNet LeaseRestaurantRetailWestern

Hanley Investment Group Negotiates $4.3M Ground Lease Sale of Chipotle-Occupied Restaurant Property in Rancho Cordova, California

by Amy Works

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the pre-sale of a new restaurant property at Anatolia Marketplace in Rancho Cordova, a suburb east of Sacramento. Locally based Anatolia Marketplace sold the absolute triple-net ground lease to a private 1031 exchange investor for $4.3 million. A Chipotle Mexican Grill with a drive-thru occupies the 2,325-square-foot building, which is located at 4001 Sunrise Blvd. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and the buyer in the transaction.

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GeorgiaLeasing ActivityRestaurantRetailSoutheast

Poag Adds Five More Tenants at Avenue West Cobb Shopping Center in Marietta, Georgia

by John Nelson

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed five new tenants at Avenue West Cobb in Marietta, roughly 20 miles northwest of downtown Atlanta. The Peach Cobbler Factory has opened a 1,400-square-foot restaurant at the property, with restaurant Le’ Zia scheduled to open later this month in a 9,580-square-foot space. Additionally, lifestyle brand J.Jill has signed a 3,840-square-foot lease and is scheduled to open this fall, along with Spirit Halloween, which will occupy 9,980 square feet at the center on a temporary basis. Jim ‘N Nick’s Community Bar-B-Q will also join the tenant lineup, opening a 5,874-square-foot restaurant this winter. JLL manages the property on behalf of Poag. Existing tenants at Avenue West Cobb include Barnes & Noble, Bob Steele Salon, GameStop, Jos. A. Bank, Panera Bread and Ted’s Montana Grill.

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Company NewsFloridaRestaurantRetailSoutheast

Buca di Beppo Files for Chapter 11 Bankruptcy, Plans to Keep 45 Remaining Restaurants Open

by John Nelson

ORLANDO, FLA. — Orlando-based Italian dining chain Buca di Beppo has voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. USA Today reports that the restaurant chain claimed it owed 30 separate creditors approximately $50 million at the time of filing. The restructuring will involve 44 core restaurants, as well as a new store currently being opened. According to a press release issued by the company, it is “committed to ensuring that the restaurants operate as usual.” Gray Reed & McGraw LLP is serving as legal advisor to the company, and CR3 Partners LLC is acting as financial advisor, as well as providing corporate leadership as the chief restructuring officer. Stout Capital is acting as investment banker on behalf of the brand. “By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future,” says Rich Saultz, president of Buca di Beppo.

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DevelopmentIllinoisMidwestRestaurantRetail

Urban Innovations Completes Renovation of Banging Gavel Taproom at Historic Building in Suburban Chicago

by Kristin Harlow

TINLEY PARK, ILL. — Urban Innovations has completed the renovation and expansion of the historic Karl Vogt Building at 6811 Hickory St. in downtown Tinley Park. The four-story, 7,835-square-foot former apartment building, constructed in 1872, is now home to The Vogt House by Banging Gavel Brews. The building was added to the National Register of Historic Places in 1988 and is the only designated landmark in Tinley Park. The project entailed an interior and exterior renovation, including a complete gut and structural re-enforcement throughout each floor and lowering the basement slab to make room for the brewery. The Vogt Building was constructed by merchant and German immigrant Karl Vogt and is the oldest building in Tinley Park. Urban Innovations worked to comply with the National Park Service’s landmark criteria. The completed project features the production brewery, taproom and restaurant. Altus Works was the project architect.

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AcquisitionsIllinoisMidwestRestaurantRetail

Colliers Arranges Sale of 6,968 SF Former Texas Roadhouse-Occupied Property in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Colliers has arranged the sale of a 6,968-square-foot restaurant property formerly occupied by Texas Roadhouse in the Chicago suburb of Naperville for an undisclosed price. Brad Belden of Colliers represented the seller, 2866 Patriot’s Lane LLC. The buyer, Shinto Japanese Steakhouse LLC, plans to open a Shinto Japanese Steakhouse or similar concept on the site. Texas Roadhouse closed in July.

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HospitalityLoansNew YorkNortheastRestaurantRetail

Ariel Property Advisors Arranges $8.7M Refinancing of Manhattan Retail, Hospitality Portfolio

by Taylor Williams

NEW YORK CITY — Ariel Property Advisors has arranged an $8.7 million loan for the refinancing of a retail and hospitality portfolio in Manhattan’s Theater District. The fully occupied portfolio consists of two properties, both of which feature bars/restaurants that are owned and operated by the undisclosed borrower. In addition, the second property has a boutique hotel occupying floors three through six that is leased to a third-party operator. The direct lender and addresses of the property were also not disclosed. Ben Schlegel, Matt Swerdlow, Christoffer Brodhead and Rhea Vivek of Ariel originated the three-year loan.

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Leasing ActivityNew YorkNortheastRestaurantRetail

State of Play Signs 10,700 SF Retail Lease in Manhattan’s Union Square

by Taylor Williams

NEW YORK CITY — State of Play Hospitality, an entertainment retail operator, has signed a 10,700-square-foot retail lease at 31 Union Square West in Manhattan with plans to open a Flight Club venue. Spanning the ground floor and basement of the property, the facility will offer darts-focused games with food-and-beverage options. Scheduled to open in 2025, this marks the ninth North America location for the brand. Blue Water Grill restaurant previously occupied the space.

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AcquisitionsCaliforniaRestaurantRetailWestern

CBRE Brokers Sales of Two Restaurant Properties in Metro Los Angeles

by Amy Works

MANHATTAN BEACH AND OXNARD, CALIF. — CBRE has arranged the sale of two restaurant properties in Manhattan Beach and Oxnard, both suburbs of Los Angeles, for a total consideration of $9.7 million. Alex Kozakov, Patrick Wade, Matthew Greenberg, Jack Webber and Bo Henderson of CBRE represented the sellers in both the transactions. In the first deal, 800 Manhattan acquired a 2,572-square-foot building at 800 N. Sepulveda Blvd. in Manhattan Beach from local private investors for $5.1 million. El Pollo Loco occupies the property and has for more than 40 years. In the second deal, a private family trust purchased a building at 110 Riverpark Blvd. in Oxnard from a private family trust for $4.6 million. McDonald’s occupies the 3,500-square-foot property, which includes a double drive thru and 27 parking spaces.

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AcquisitionsCaliforniaRestaurantRetailWestern

Marcus & Millichap Brokers Sale of 3,200 SF North Park Retail Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of North Park Retail, a restaurant property at 2884 University Ave. in San Diego’s North Park neighborhood. Carlos Partners LLC sold the asset to 1295 University Family LP for $1.9 million. Built in 1948, North Park Retail features 3,200 square feet of space. The single-tenant property was renovated in 2014 for Saiko Sake and Sushi Bar’s tenant build out. After operating for 10 years, Saiko Sushi will close when its lease expires in October. The buyers plan to lease out the property after Saiko Sake and Sushi Bar’s vacates. Ross Sanchez and Nick Totah of The Totah Group of Marcus & Millichap represented the seller, while Nate Benedetto of Next Wave Commercial procured the buyer in the transaction.

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AcquisitionsFloridaRestaurantRetailSoutheast

Orion Acquires Net Lease Retail Portfolio Located in Florida, Texas, Illinois for $50M

by John Nelson

MIAMI— Florida-based Orion Real Estate Group has acquired a net lease retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the portfolio — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and a quick-service restaurant. The portfolio has 6.5 years of weighted average remaining lease term. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL represented the seller in the transaction.

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