Restaurant

Hanley Investment Group Negotiates $3.2M Sale of Starbucks-Occupied Property in Los Angeles

by Amy Works January 19, 2024

LOS ANGELES — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property with a drive-thru at 1789 W. Jefferson Blvd. in Los Angeles. A private investor based in Los Angeles sold the asset to a Southern California-based private investor for $3.2 million. Starbucks Coffee occupies the 1,486-square-foot building, which was built in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, while Ryan Sharpe of Kidder Mathews represented the buyer in the deal.

January 19, 2024

Acquisitions New York Northeast Restaurant Retail Top Stories

Whopper of a Deal: Burger King Owner Agrees to Buy Largest Franchisee for $1B

by Kristin Harlow January 17, 2024

TORONTO AND SYRACUSE, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to drive high-quality remodels, improve operations, enhance marketing and support ongoing technology and digital priorities. Burger King plans to remodel restaurants over the next five years by investing approximately $500 million of capital, funded by Carrols’ operating cash flow, to remodel roughly 600 acquired restaurants that are not currently considered “modern image.” Carrols will continue to operate the acquired restaurants in partnership with Burger King’s operations teams. Burger King ultimately plans to refranchise the vast majority of the portfolio to new or existing smaller franchise operators who live in their local communities. Following refranchising the acquired restaurants, which Burger King expects to be completed in five to seven years, Burger …

January 17, 2024

Development Kentucky Leasing Activity Mixed-Use Restaurant Retail Southeast

RD1 Spirts to Open 10,215 SF Distillery at The Commons in Lexington, Kentucky

by John Nelson January 16, 2024

LEXINGTON, KY. — RD1 Spirts has signed on to join as an anchor tenant at The Commons, a 40-acre mixed-use development in downtown Lexington. The locally based bourbon brand plans to invest $4.8 million to develop the two-story distillery at 113 Turner Commons Way, which will span 10,215 square feet and include an entrance off Main Street. The venue will include outdoor seating on both levels, four private tasting rooms, a glass-enclosed research-and-development space for wood finishing for RD1’s bourbon barrels, VIP speakeasy tasting room, craft cocktail bar and a gift shop. The venue will also include an 800-gallon pot, 175-gallon pot still, 750-gallon fermenter and a 1,000-gallon mash cooker that will cumulatively produce a barrel of bourbon per week. RD1 plans to open the distillery in August and support 11 full-time employees. The project team features law firm McBrayer and engineering firm VITOK, both out of Louisville, as well as architectural and design firm Lord Aeck Sargent. Ron Hardwick, a Louisville bourbon expert and shareholder of RD1, plans to lead the distillery design at the new venue. RD1 received approval for $521,000 in incentives from the Kentucky Tourism Development Finance Authority to help finance the project. In addition to …

January 16, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

Acquisitions Colorado Restaurant Retail Western

SRS Real Estate Arranges $8.8M Sale of 7-Eleven-Occupied Property in Wheat Ridge, Colorado

by Amy Works January 16, 2024

WHEAT RIDGE, COLO. — SRS Real Estate Partners has negotiated the sale of a newly developed retail property at 4400 Harlan Court in Wheat Ridge. Cadence Capital sold the asset to a California-based family office for $8.8 million. 7-Eleven occupies the 4,650-square-foot property, which is situated on 1.3 acres. The asset also includes Laredo Taco, 7-Eleven’s new quick-service restaurant concept. The building is an outparcel to Lakeside Center, a 728,000-square-foot retail power center anchored by Walmart Supercenter, Petco, Planet Fitness and Goodwill. Ryan Tomkins of SRS Capital Markets represented the seller in the transaction.

January 16, 2024

Leasing Activity Restaurant Retail Texas

Chalo India to Open 10,000 SF Grocery Store, Café in Frisco

by Taylor Williams January 16, 2024

FRISCO, TEXAS — Chalo India will open a 10,000-square-foot Indian grocery store and café at The Shops at Panther Creek in Frisco. Thurston Witt of CBRE represented Chalo India in the lease negotiations. Tim McNutt of DBA Commercial Real Estate represented the landlord, Dallas-based GreenRoad Development Construction LLC. The opening is scheduled for May.

January 16, 2024

Company News Restaurant Retail Texas

Smalls Sliders to Open Five Restaurants in Metro Dallas

by Taylor Williams January 15, 2024

DALLAS — Burger chain Smalls Sliders has signed an agreement with hospitality group Om Texas to open five restaurants, dubbed “Cans,” in metro Dallas. This marks the second multi-unit franchise deal in the city for the brand. Potential locations include Mesquite, Garland, Rockwall, Greenville, Murphy, Rowlett and Richardson, with the first store scheduled to open in the fourth quarter. Smalls Sliders opened its first Can in 2019 and currently has more than 160 restaurants open or under development.

January 15, 2024

Acquisitions Company News District of Columbia Restaurant Retail Southeast

Avison Young to Acquire Madison Marquette Retail Platform, 6.1 MSF Management Portfolio

by John Nelson January 12, 2024

TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.

January 12, 2024

Acquisitions Georgia Restaurant Retail Southeast

Ackerman Retail Facilitates Sale of 4,200 SF Chick-fil-A Ground Lease in Metro Atlanta

by John Nelson January 11, 2024

NORCROSS, GA. — Ackerman Retail, a division of Atlanta-based Ackerman & Co., has facilitated the sale of a 4,200-square-foot absolute triple-net Chick-fil-A ground lease located in Norcross, roughly 20 miles outside Atlanta in Gwinnett County. Constructed in 1998, the property was renovated in 2018. Sean Patrick of Ackerman Retail represented the seller, an entity doing business as WB Holdings-Jimmy Carter Boulevard, in the transaction. A local private buyer acquired the ground lease.

January 11, 2024

Leasing Activity Mixed-Use North Carolina Office Restaurant Retail Southeast

Seven New Tenants Join 92-Acre Fenton Development in Cary, North Carolina

by John Nelson January 9, 2024

CARY, N.C. — Two new retailers and five office users have signed on to join the tenant roster at Fenton, a 92-acre mixed-use development in the Raleigh suburb of Cary. The nearly $1 billion development is co-owned by Hines and Columbia Development. The new retailers, Brewery Bhavana and Vega Vitality, plan to open their locations at Fenton before the end of the year. Two other retailers opened in late 2023: Johnny Was and Rejuvenation. Bruce Koniver of Odyssey Retail Advisors is leading Fenton’s retail leasing, which is currently 94 percent committed. The five companies that signed office leases at Fenton include Cushman & Wakefield, IPS, Prologis, AIMA and Surety Systems. The property’s office component currently spans 200,000 square feet, with future phases allowing up to 1 million square feet.

January 9, 2024

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