CHICAGO — Lee & Associates of Illinois has negotiated a 4,500-square-foot restaurant lease at 2535 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. The tenant, ManSun, is an authentic Korean restaurant. This will be the proprietor’s second restaurant, following New Village Gastro Pub in Northbrook. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant in the lease. Amanda Shafer of Emerging Concepts represented the landlord, an entity doing business as 2M Square FB LLC.
ATLANTA AND CHICAGO — Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire all outstanding shares of fast-casual sandwich chain Potbelly Corp. (NASDAQ: PBPB) for $17.12 per share. The all-cash transaction is valued at roughly $566 million, representing a premium of approximately 47 percent to Potbelly’s 90-day volume-weighted average price as of Sept. 9. The acquisition is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals. Founded more than 40 years ago in Chicago, Potbelly sells toasted sandwiches, salads, soups and hand-dipped milkshakes. The sandwich shop chain currently maintains more than 445 company and franchise-owned locations across the United States, with a long-term goal of reaching 2,000 shops. “We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders,” says Bob Wright, president and CEO of Potbelly. Wright, a former Wendy’s executive, led a turnaround of Potbelly during the pandemic, according to Crain’s Chicago Business. Expanding the franchisee base was a major part of the strategy. Atlanta-based RaceTrac, one of the largest privately held companies in the United States, operates more than 800 convenience stores …
LENEXA, KAN. — Copaken Brooks has announced that three new restaurants are coming to the AdventHealth Campus at Lenexa City Center in Kansas. Five Four, Urban Egg and Stoney River Steakhouse and Grill will open between 2026 and 2027. AdventHealth in Lenexa offers emergency care, outpatient services, advanced imaging and physician offices. Formerly 54th Street, Five Four will introduce the newest prototype of the Kansas City-based restaurant with a 10,000-square-fot standalone building with both indoor dining and an outdoor games area. Slated to open in fall 2026, this will be Five Four’s ninth metro location and second in Johnson County. Ferguson Properties represented the restaurant in the lease. Urban Egg, a Colorado-founded breakfast and brunch concept with 11 locations across three states, will occupy a 3,400-square-foot restaurant. The Lenexa location is slated to open in late 2026. The Retail Group represented Urban Egg in the lease. Stoney River, owned by SPB Hospitality, will make its Kansas City debut in an 8,000-square-foot space. The steakhouse is slated to open in early 2027. Pace Properties represented the tenant. Urban Egg and Stoney River will be located within a new mixed-use building, which Copaken Brooks will begin constructing in October. The property will …
Orlando has emerged as one of the Southeast’s most competitive retail markets, where robust tenant demand and limited supply are driving both leasing velocity and investor urgency. With availability near historic lows below 4 percent and most new construction preleased, the market offers few options for the wave of private and institutional capital targeting Central Florida. This imbalance is fueled by strong population growth and resilient consumer spending. Quality retail assets continue to trade quickly, while lower-tier properties remain on the market longer. Buyer pricing remains grounded in fundamentals, and the gap between buyers and sellers has narrowed, making deals increasingly feasible. Investment activity has accelerated in 2025, following 12 to 18 months of steady engagement from private capital. Institutional buyers, including REITs and national funds, are now re-entering the market, primarily targeting stabilized assets in high-growth suburban corridors where tenant rosters offer long-term income visibility. Unanchored and grocery-anchored centers remain in high demand, especially in infill locations with constrained supply and strong population growth. While investor appetite is strong, today’s environment has created a bifurcated market. Well-located, quality centers continue to trade quickly, often with multiple offers, while less desirable assets linger. 1031 exchange buyers and out-of-state groups remain …
ADDISON, TEXAS — SRS Real Estate Partners has arranged the $5.6 million sale of a 5,672-square-foot restaurant building in the northern Dallas metro of Addison. The tenant, Florida-based breakfast eatery First Watch, recently committed to a 12-year term at the property via a corporate-guaranteed lease. Matthew Mousavi and Patrick Luther of SRS represented the seller, Dallas-based real estate private equity firm 90Ten, in the transaction. The buyer, a New Mexico-based private investor, acquired the asset via a 1031 exchange. The sales price equates to a cap rate of 5.5 percent.
ACWORTH, GA. — Marcus & Millichap has brokered the $2.7 million sale of a newly built restaurant located at 3558 Cobb Parkway NW in Acworth, a northwest suburb of Atlanta. Whataburger occupies the freestanding restaurant, which features a double drive-thru, on a new 15-year corporate ground lease. Don McMinn and Andrew Koriwchak of Marcus & Millichap represented the seller, an unnamed developer based in Georgia, in the transaction. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap procured the unnamed buyer. The 3,318-square-foot Whataburger restaurant was delivered in April and is adjacent to a Walmart Super Center and Super Target.
CHARLESTON, S.C. — Dwight Mortgage Trust, an affiliate of Dwight Capital, has provided a $110 million bridge loan for the refinancing of LC Line and Low, a new 277-unit apartment development in Charleston. Brandon Baksh, Noah Greenwald and Talisse Thompson of Dwight Mortgage Trust originated the loan on behalf of the sponsor, Lifestyle Communities, which will use the loan to refinance existing construction debt and fund remaining construction expenses. LC Line and Low features a main residential building, train shed with loft-style apartments, historic single-family homes with private courtyards and seven retail suites totaling 15,000 square feet. The retail component houses tenants including The Goat Restaurant & Bar and Morning Ritual Coffee Shop, with another restaurant and a cocktail bar in the planning stages. Amenities include a resort-style pool, clubhouse, fitness center with saunas and cold plunges, coworking lounge and a parking deck.
WILMETTE, ILL. — Egg Harbor Cafe will open at Optima Verdana, a six-story, 100-unit luxury apartment complex in downtown Wilmette, on Tuesday, Aug. 26. Optima Inc. owns the property. The 4,100-square-foot restaurant maintains seating for 140 and is situated directly across from Wilmette’s Metra commuter rail station. Currently fully leased, the residences at Optima Verdana opened in 2023. Floor plans range from 660 to 2,790 square feet. Specializing in breakfast, brunch and lunch, Egg Harbor Cafe operates in Illinois, Wisconsin and Georgia. The new Wilmette location represents the second Egg Harbor within an Optima community, joining the Streeterville location that opened in 2019 at the 490-unit Optima Signature high-rise in downtown Chicago. Optima is planning a new 128-unit luxury building just south of Optima Verdana. Known as Optima Lumina, the project will replace the long-vacant former Imperial Motors car dealership. The developer intends to retain the existing Starbucks within the project’s 5,900 square feet of new commercial space. Optima Verdana and Optima Lumina will be separated by a new public, landscaped plaza.
ATLANTA — Simon has introduced 18 new and expanded retailers debuting at Lenox Square, a 1.5 million-square-foot retail destination located in Atlanta’s Buckhead district. Nine of the tenants are now open and operating at Lenox Square, including three expanding concepts: Rolex, Burberry and Ferragamo. The other six opened stores are Good American, AllSaints, Ray-Ban, Rowan, Starbucks Coffee and Claire’s. Nine more concepts are set to open later this year, including IWC, Panerai, Mejuri, Cole Haan, Garage, Lovisa, Levi’s, Kelly’s Cajun Grill and Great American Cookie Company/Marble Slab. David Vinehout serves as Simon’s vice president of leasing at Lenox Square and Phipps Plaza, another high-end shopping mall in Buckhead that Simon owns and operates. Lenox Square is anchored by Bloomingdale’s, Neiman Marcus and Macy’s and includes 250 specialty stores and several restaurants, including The Cheesecake Factory, North Italia and True Food Kitchen.
LUTSEN, MINN. — The Duluth office of Kraus-Anderson has completed construction on Papa Charlie’s Event Center and Lodging in Lutsen within northeast Minnesota. Located at 467 Ski Hill Road, the 9,825-square-foot restaurant and lodge replaces the former facility that was shuttered by a 2023 fire. Designed by LHB Architects, the new $10 million replacement building includes Charlie’s Alpine Bistro. The two-story center’s lodging, called Sunset Studios, includes a bridal suite and eight custom lodging units with balconies overlooking the Poplar River and Moose Mountain. Construction began in September 2024.