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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $4.6M Sale of Chipotle-Occupied Retail Property in Margate, Florida

by John Nelson

MARGATE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a retail property located at 5671 W. Atlantic Blvd. in Margate, a city in South Florida’s Broward County. Chipotle Mexican Grill occupies the 2,462-square-foot building, which is an outparcel to Lakewood Shopping Center, on a triple-net-lease basis. Other tenants at the center include Walmart Supercenter, Marshalls, Harbor Freight Tools and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based partnership, in the transaction. The buyer was a New York-based private investor.

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Hylo-Park-North-Las-Vegas-NV
DevelopmentMixed-UseMultifamilyNevadaRestaurantRetailWestern

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

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AcquisitionsMidwestRestaurantRetailSouth Dakota

Upland Negotiates Sale of Two Arby’s-Occupied Properties in South Dakota

by Kristin Harlow

SIOUX FALLS AND BROOKINGS, S.D. — Upland Real Estate Group has arranged the sale of two properties net leased to Arby’s in South Dakota for an undisclosed price. The buildings are located in Sioux Falls and Brookings. Arby’s has 20-year leases with 5 percent rent increases every five years on both properties. The tenant on the leases, DRM Inc., is one of the largest Arby’s franchisees and operates 109 Arby’s locations in seven Midwest states. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the undisclosed seller. Both properties sold to cash buyers completing 1031 exchanges.

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DevelopmentHospitalityLouisianaMixed-UseRestaurantRetailSoutheast

Cordish Breaks Ground on $270M Live! Casino & Hotel Louisiana in Bossier City

by John Nelson

BOSSIER CITY, LA. — An affiliate of Cordish Cos. doing business as LRGC Gaming Investors LLC has broken ground on Live! Casino & Hotel Louisiana, a $270 million development in Bossier City. The development represents the first land-based casino in the Bossier City-Shreveport metropolitan area, according to Cordish. The project is expected to create 750 new construction jobs and 750 permanent jobs upon completion. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish acquired earlier this year. Scheduled to open in 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu.

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KansasLeasing ActivityMidwestRestaurantRetail

Enjoy Pure Food + Drink to Open at Lenexa City Center in Kansas

by Kristin Harlow

LENEXA, KAN. — Enjoy Pure Food + Drink has signed a lease to open at Restaurant Row in Lenexa City Center. The 4,000-square-foot space will serve as the restaurant’s second location and is slated to open in fall 2024. Enjoy Pure Food + Drink is a health-forward restaurant offering breakfast, lunch and dinner as well as organic cold-pressed juices, smoothies, clean cocktails and a gluten-free and vegan bakery. John Nolan of Crossroads Real Estate Group represented the tenant, while Erin Johnston of Copaken Brooks represented ownership on an internal basis. Future phases of Restaurant Row call for an additional 10,000 square feet of retail and restaurant space and 50,000 square feet of office space.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Blackbird Doughnuts, Chip City Open Stores at Arsenal Yards in Metro Boston

by Taylor Williams

WATERTOWN, MASS. — A pair of confectionaries, Blackbird Doughnuts and cookie maker Chip City, have opened stores at Arsenal Yards, a mixed-use development located in the western Boston suburb of Watertown. Grand opening celebrations for both stores took place last weekend. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.

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AcquisitionsMichiganMidwestRestaurantRetail

Marcus & Millichap Brokers $1.4M Sale of Domino’s-Occupied Property in Grand Rapids

by Kristin Harlow

GRAND RAPIDS, MICH. — Marcus & Millichap has brokered the $1.4 million sale of a 2,450-square-foot restaurant property net leased to Domino’s in Grand Rapids. The freestanding building, located at 6539 28th St., recently underwent a major remodel. John Nuzman of Marcus & Millichap represented the seller, a west Michigan-based development company. An all-cash buyer based in Virginia purchased the asset.

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39575-Washington-St-Palm-Desert-CA.jpg
AcquisitionsCaliforniaRestaurantRetailWestern

Hanley Investment Group Brokers $3.9M Sale of Multi-Tenant Retail Pad in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 39575 Washington St. in Palm Desert. A Los Angeles-based private investor sold the asset to a San Diego-based private 1031 exchange investor for $3.9 million. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Omar Hussein of Del Mar-based Beacon Realty Advisors represented the buyer in the deal. Built in 2008, the 8,500-square-foot retail property offers four tenant suites. At the time of sale, the property was fully occupied by Chipotle Mexican Grill (under a new 10-year, triple-net, corporate lease), Cornerstone Pharmacy, Luxury Nails & Spa and Keller Williams Realty Coachella Valley | Jelmberg Team.

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3748-N-Scottsdale-Rd-Scottsdale-AZ
AcquisitionsArizonaRestaurantRetailWestern

CBRE Arranges $3.6M Sale of Restaurant Building in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of a restaurant property located at 3748 N. Scottsdale Road in Old Town Scottsdale. Scottsdale-based The Shipp Family purchased the building from a private individual investor for $3.6 million. Good Life Sports Bar and Grill signed a 10-year, triple-net lease to occupy the 5,265-square-foot property, which another restaurant formerly occupied. This location will be the Omaha, Nebraska-based chain’s first location in Arizona. Built in 1957, the two-tenant building is currently being renovated for the new tenant that is slated to open next year. Joe Campagno and Benjamin Farthing of CBRE negotiated the transaction.

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CosMc
Company NewsDevelopmentIllinoisMidwestRestaurantRetailTop Stories

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees.  Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots.  CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys.  The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s.  Chicago-based McDonald’s is …

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