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DevelopmentGeorgiaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Connolly, Coro Realty Unveil Mixed-Use Redevelopment in Sandy Springs, Georgia

by John Nelson

SANDY SPRINGS, GA. — Connolly and Coro Realty have announced the repositioning of the commercial portion of a mixed-use development in metro Atlanta formerly known as Sandy Springs Gateway. The duo purchased the 120,000-square-foot component in February 2022 for $40.5 million. The property, which comprises 92,000 square feet of shops, restaurants and service retailers and 28,000 square feet of second-story office space, is now known as Chastain Market due to its proximity to Chastain Park in the nearby Buckhead district of Atlanta. Connolly and Coro Realty have also inked new leases for the project, including an Italian eatery from chef Kevin Maxey, Alloy Personal Training and United Community Bank. In addition to re-tenanting the development’s former Sprouts Farmers Market grocery store, Connolly and Coro Realty are undertaking a multimillion-dollar renovation to the property. Additionally, a new mural was painted for the project at the corner of Roswell Road and Windsor Parkway. Chastain Market is adjacent to two apartment communities totaling 630 units: The Gateway Chastain and The Collection.

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AcquisitionsIllinoisLee & AssociatesMidwestRestaurantRetail

Lee & Associates Brokers Sale of Undeveloped Retail Pad Site in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Lee & Associates has brokered the sale of a 1.7-acre retail pad site located at 40 S. Roselle Road in the Chicago suburb of Schaumburg. The sales price was undisclosed. The transaction marks the final undeveloped site in the Town Square development. Rick Scardino of Lee & Associates represented the seller, the Village of Schaumburg. Simeon Spirrison of Adelphia Properties represented the buyer, SD Construct. The buyer plans to build a two-story, 6,342-square-foot HopScotch pub-themed restaurant.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Negotiates $2.6M Sale of Former MK Restaurant Property in River North Neighborhood

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has negotiated the sale of the former MK restaurant property in Chicago’s River North neighborhood for $2.6 million. The buyer plans to redevelop the 9,600-square-foot building, which is located at 868 N. Franklin St. Marcus Cook of SVN Chicago represented the buyer, while colleagues Wayne Caplan and Michael Elam represented the seller, a Los Angeles-based investment firm.

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DevelopmentGeorgiaRestaurantRetailSoutheast

200 Peachtree Group Underway on Two Restaurant Developments in Downtown Atlanta

by John Nelson

ATLANTA — 200 Peachtree Group , an Atlanta-based owner and operator of food-and-beverage/entertainment brands, is underway on the development of two restaurants located at 200 Peachtree St. in downtown Atlanta. SKOL Brewing Co., a craft brewery, will comprise 5,000 square feet and is expected to open later this year. Food, beverage and entertainment hall Valhalla Social is scheduled to open in spring or summer 2024 and will total 15,000 square feet, with seating for roughly 300 people. CNNA Architects is the architect for both projects, which hope to capitalize on major tourism events coming to downtown Atlanta, including the 2025 College Football Playoff National Championship and the 2026 FIFA World Cup.

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CaliforniaLeasing ActivityRestaurantRetailWestern

Progressive Arranges 2,366 SF Habit Burger Lease in Walnut, California

by Jeff Shaw

WALNUT, CALIF. — Progressive Real Estate Partners has arranged a 2,366-square-foot, 10-year lease for The Habit Burger Grill in Walnut, approximately 25 miles east of Los Angeles.  Paul Su of Progressive represented the landlord in lease negotiations. The tenant plans to execute a significant renovation of the building, which is situated across from Mt. San Antonio College and features a drive-thru. 

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Slim-Chickens
DevelopmentLeasing ActivityMarylandRestaurantRetailSoutheast

Slim Chickens Signs Deal for Eight Restaurant Locations in Maryland

by Hayden Spiess

MARYLAND — Restaurant chain Slim Chickens has signed a deal with Phoenix Foods LLC to open eight new locations in the Maryland counties of Anne Arundel, Baltimore, Carroll and Harford. Brad Hoag, franchisee and owner of Phoenix Foods, will operate the locations, which will join another 1,100 restaurants currently in development for the brand. Hoag, who is based in Baltimore, is a former developer and operator of 10 Qdoba Mexican Grill locations and currently operates 10 Burger King restaurants.

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Leasing ActivityRestaurantRetailTexas

Nine Retailers, Restaurants Debut New Stores at Galleria Dallas

by Taylor Williams

DALLAS — Nine retailers and restaurant operators have or will soon debut new stores at Galleria Dallas. Outdoor apparel and equipment retailer Cotopaxi and women’s clothing provider Intimissimi have already opened. H&M Home has committed to 7,500 square feet to complement an existing store. Restaurants Salut Paris Bakery and North Italia will open this summer and fall, respectively. Louis Vuitton and Bachendorf’s also plan to launch new stores, and Luciano Pizza & Pasta and Mi Cocina have reopened following remodels. Trademark Property Group manages Galleria Dallas, and MetLife owns the property.

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AcquisitionsIndianaMidwestRestaurantRetail

SRS Arranges $2.6M Ground Lease Sale for Bubba’s 33 Restaurant in Avon, Indiana

by Kristin Harlow

AVON, IND. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale for a 7,000-square-foot restaurant occupied by Bubba’s 33 in Avon, about 13 miles west of Indianapolis. The newly constructed property has a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer. The sales price represented a cap rate of 5.45 percent.

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High-5-Entertainment-Allen
DevelopmentRestaurantRetailTexas

Parkway Construction Breaks Ground on 70,000 SF Entertainment Center in Allen, Texas

by Taylor Williams

Parkway Construction has broken ground on a 70,000-square-foot venue for Austin-based High 5 Entertainment in Allen, located on the northeastern outskirts of Dallas. The venue is located within The Farm in Allen, a 135-acre mixed-use development. The entertainment center will feature a landscaped miniature golf course, a 24-lane bowling alley, two-story laser tag arena, axe throwing arena, escape rooms and a scratch kitchen with a full bar. Completion is slated for next spring. JaRyCo is the master developer of The Farm in Allen.

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DevelopmentHospitalityMixed-UseOfficeOregonRestaurantRetailTop StoriesWestern

BPM to Open $600M Ritz Carlton Mixed-Use Tower in Downtown Portland in August

by John Nelson

PORTLAND, ORE. — BPM Real Estate Group, a locally based and privately owned development and investment company, plans to open the Block 216 mixed-use tower in downtown Portland in August. Located at 900 SW Washington St., the tower will house The Ritz-Carlton, Portland hotel, the brand’s first in the Pacific Northwest. In addition to the 251-room hotel, the high-rise will include The Ritz-Carlton Residences (132 condos and penthouses across 15 floors), shops and 134,000 square feet of office space, as well as a food hall on the ground level known as FLOCK. Development costs for Block 216 are reportedly $600 million. “As one of the tallest towers in Portland, this development is a monumental signifier of the renewal and transformation in store for this city,” says Walter Bowen, founder and CEO of BPM. “We are pleased to contribute to Portland’s continued recovery and resurgence as one of the country’s leading business centers and gateway to the Pacific Northwest travel destination locations.” The Ritz-Carlton hotel’s amenities will include a spa, signature restaurant on the 20th floor, infinity-edge pool and a 4,000-square-foot fitness center, according to the hotel website. FLOCK, which will house nine BIPOC-owned (black, indigenous and people of color) vendors, is …

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