TOMBALL, TEXAS — Black Bear Diner will open a 5,250-square-foot restaurant at the intersection of State Highway 249 and the Grand Parkway in the northwestern Houston suburb of Tomball. Andrew Alvis represented the landlord, NewQuest Properties, in the lease negotiations on an internal basis. Matt Parsons of JLL represented the tenant. A tentative opening date was not disclosed.
LAGRANGE, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built store located at 2100 Vernon St. in LaGrange, about 68 miles southwest of Atlanta via I-85. The 2,500-square-foot store is net-leased to Starbucks, which has 10 years of term remaining on the lease. A local investment firm purchased the store from an unnamed developer for an undisclosed price. “Despite the surplus of Starbucks inventory on the market and limited buyer pool, we were able to source a local 1031 cash buyer and trade close to list price,” says Don McMinn of the Taylor McMinn Retail Group, who represented the seller in the transaction. Delivered earlier this year, the Starbucks store is an outparcel to a Publix-anchored shopping center that also features a Chick-fil-A outparcel. The Taylor McMinn Retail Group arranged the sales of both the Publix and Chick-fil-A locations previously.
CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $3.1 million ground-lease sale of a 5,447-square-foot McDonald’s restaurant in Clearwater. The restaurant was built in 2014 on a 1.4-acre site at 2871 Gulf to Bay Blvd., about 17 miles west of Tampa. Sean Lutz and Dan Elliot of SRS’ Chicago office represented the seller, a private investor based in Florida, in the transaction. The buyer, a New York-based private investor, purchased the land in a 1031 exchange at a closing cap rate of 3.87 percent, which is the lowest cap rate for a McDonald’s property sold on a national basis this year according to CoStar Group.
QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio. Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build. Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states. — Katie Sloan
HOUSTON — Restaurateur Mack McDonald will open a 15,858-square-foot restaurant in Uptown Houston. The restaurant will be located within 5POP, a 28-story, 566,773-square-foot office building, and will be operated under the Mack Allen’s upscale seafood brand. David Littwitz with Littwitz Investments represented the tenant in the lease negotiations. Crystal Allen with Transwestern represented the South Florida-based landlord, CP Group. The opening is slated for 2025.
LAKE ZURICH, ILL. — Principle Construction has completed a bakery build-out for Apres Pastry & Bakery in downtown Lake Zurich, a northwest suburb of Chicago. The tenant occupies the last remaining space within the building that Principle constructed in 2023. Principle added a new common entrance and pedestrian access corridor from the rear parking lot. The project included various mechanical, electrical, fire protection and plumbing systems as well as the installation of a walk-in freezer. Muran Architects served as the project architect, while Siren Betty designed the interior.
CHARLOTTE, N.C. — Olde Mecklenburg Brewery (OMB) will open a new restaurant and biergarten venue at 15025 Bowl St. at The Bowl at Ballantyne, a mixed-use development underway in Charlotte’s Ballantyne district. In addition to a 14,000-square-foot building comprising two levels of restaurant, retail and balcony space, the property features a one-acre biergarten and two freestanding buildings with beverage service and bathrooms. This marks the second location for OMB, with the original location in Charlotte’s LoSo neighborhood. Northwood Retail, the landlord of The Bowl at Ballantyne and an affiliate of Northwood Investors, recently signed a lease with Hawkers Asian Street Food to join the tenant roster in early 2025.
BEAUFORT, S.C. — National retailers T.J. Maxx and HomeGoods are set to open new stores at Beaufort Station, a 200,000-square-foot shopping center coming on line in the Hilton Head suburb of Beaufort. Both brands are set to open tomorrow. The Morgan Cos. is the developer of Beaufort Station, which will feature nine anchor and junior anchor stores, including Hobby Lobby, Ross Dress for Less, PetSmart, Ulta Beauty, Old Navy, Five Below and Rack Room Shoes. Other tenants will include Aldi, Parker’s Kitchen, Panda Express, Chicken Salad Chick, Surcheros Fresh Mex, America’s Best and Mattress Firm. Other tenant announcements are expected in the near future. Beaufort Station is situated at the intersection of S.C. Highway 170 and Robert Smalls Parkway, about 27 miles north of Hilton Head.
MILLVILLE, N.J. — New tenants have signed leases totaling 46,000 square feet at Union Lake Crossing, a 393,000-square-foot retail center located in Millville in southern New Jersey. Old Navy will open a 15,000-square-foot store at the property, joining Fun City in backfilling a former Dick’s Sporting Goods space. Food-and-beverage concepts Five Guys, Poke Bros. and Crumbl have also signed leases at the center, as have Skechers, Inspira Health and Rally House. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the owner, Irgang Group, in all lease negotiations.
DENVER — Magnetic Capital has broken ground on 2nd & Adams, a mixed-use building located at 2nd Street and Adams Avenue in the Cherry Creek submarket of Denver. Slated for completion in third-quarter 2025, 2nd & Adams will feature 80,000 square feet of office space and 20,000 square feet of retail space. The building will have multiple food, beverage and retail concepts across the ground-floor space, and the rooftop will feature a 5,600-square-foot bar and restaurant. Bow River Capital, a Denver-based private alternative asset manager, has pre-leased 30,000 square feet of office space at 2nd & Adams for the company’s headquarters. The project team includes OZ Architecture as architect and Mortenson Construction as general contractor. Blake Holcomb of CBRE is handling leasing for the project.