Restaurant

Tourmaline Capital Sells Center Pointe Retail Center in Menifee, California for $24.6M

by Amy Works January 20, 2023

MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.

January 20, 2023

District of Columbia Restaurant Retail Southeast

NRF: Holiday Retail Sales Rose 5.3 Percent to $936.3B in 2022

by John Nelson January 19, 2023

WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement compared with the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines the holiday season as Nov. 1 through Dec. 31, 2022. “We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” says Jack Kleinhenz, NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.” According to the Washington, D.C.-based organization, retail sales were down 0.6 percent in December relative to November, but up 5 percent year-over-year. Overall growth for the year met NRF’s forecast, reaching 7 percent. On Wednesday, the United States Department of Commerce reported that retail sales, including automobile, …

January 19, 2023

Leasing Activity Restaurant Retail Texas

Radom Capital Welcomes Six New Tenants to Office, Retail Development in Houston

by Taylor Williams January 12, 2023

HOUSTON — Locally based developer Radom Capital has welcomed six new tenants to Montrose Collective, an office and retail development in Houston. Concepts coming to the property include restaurants Graffiti Raw and Picnik — opening this month and in the spring, respectively — as well as four fitness and beauty concepts. SISU, a med spa, will debut in February, while Studio BE, Glosslab and Skin Laundry will open later this year. Montrose Collective, which currently features 15 retailers and five restaurants, is now 97 percent leased.

January 12, 2023

Acquisitions Georgia Restaurant Southeast

Palomar Group Brokers $2.8M Sale of Augusta Restaurant Leased to Steak N Shake

by John Nelson January 12, 2023

AUGUSTA, GA. — The Palomar Group has brokered the $2.8 million sale of a 3,512-square-foot restaurant located at 4329 Belair Frontage Road in Augusta. The property is triple-net-leased to Steak N Shake, a diner chain that serves burgers, fries and milkshakes. Steak N Shake has approximately 15 years remaining on its lease term, which features a 10 percent rental increase every five years. The restaurant is situated at a signalized intersection off I-20 and near Fort Gordon Army Base. An investment firm based in New Britain, Conn., purchased the restaurant from an entity based in Aiken, S.C. Both parties requested anonymity.

January 12, 2023

Leasing Activity Lee & Associates New York Northeast Restaurant Retail

Scores Sports Bar to Open 9,000 SF Restaurant in Midtown Manhattan

by Taylor Williams January 12, 2023

NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.

January 12, 2023

Development Leasing Activity Restaurant Retail Southeast Tennessee

In-N-Out Burger to Expand to Tennessee, Plans to Open First Restaurant by 2026

by John Nelson January 11, 2023

FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.

January 11, 2023

Acquisitions California Restaurant Retail Western

Toibb Enterprises Sells Grocery-Anchored Shopping Center in Simi Valley, California for $19.5M

by Amy Works January 10, 2023

SIMI VALLEY, CALIF. — Woodland Hills, Calif.-based Toibb Enterprises has completed the disposition of Simi Valley Promenade, a retail center located at 5105-5197 E. Los Angeles Ave. in Simi Valley. A Chino Hills-based private investor acquired the asset for $19.5 million. Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block are tenants at the 82,366-square-foot Simi Valley Promenade, which was built in 1981 and most recently renovated in 2002. At the time of sale, the property was 92 percent occupied. Bill Ashe, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the buyer, while Avi Narang of Beverly Hills-based BRC Advisors represented the seller in the deal.

January 10, 2023

Acquisitions California Restaurant Retail Western

Beta Agency Arranges $14M Sale of Smart & Final-Anchored Retail Center in Lawndale, California

by Amy Works January 9, 2023

LAWNDALE, CALIF. — Beta Agency has arranged the sale of Lawndale Plaza, a shopping center in Lawndale. A San Pedro-based private shopping center owner sold the asset to a Los Angeles-based entity for $14 million. Lawndale Plaza features a Smart & Final store and a multi-tenant retail building, occupied by Subway, Wingstop, Panda Express, Daily Nails & Spa and Wells Fargo. At the time of sale, the property was 100 percent occupied. Richard Rizika and Vanessa Zhang of Beta Agency represented the seller, while Adam Friedlander of Beta Agency and Moon Lim of JLL represented the buyer in the deal.

January 9, 2023

Acquisitions California Industrial Restaurant Retail Western

Guthrie Development Buys Pacific Tustin Commercenter Business Park in California for $19.7M

by Amy Works January 6, 2023

TUSTIN, CALIF. — Guthrie Development Co. has acquired Pacific Tustin Commercenter, a Class A, multi-tenant, retail/industrial business park in Tustin. In this transaction, Guthrie purchased the buildings and land from two different sellers for $19.7 million, then combined the assets into one business park. The retail and industrial property offers 69,930 square feet of space. Pacific Tustin Commercenter features two multi-tenant industrial buildings and a restaurant, Citrus Café. The industrial buildings are currently 100 percent occupied under long-term leases. The asset is located at 1421, 1451 and 1481 Edinger Ave. in Tustin. Chuck Wilson, Brian Chastain and Clyde Stauff of Colliers International represented Guthrie Development in the transactions.

January 6, 2023

California Loans Restaurant Retail Western

Gantry Arranges $16.7M Refinancing for Grocery-Anchored Retail Center in El Dorado, California

by Amy Works January 6, 2023

EL DORADO, CALIF. — Gantry has secured a $16.7 million permanent loan for the refinancing of Market Place at Town Center in El Dorado. Situated at the intersection of Highway 50 and Latrobe Road, Market Place at Town Center features 134,600 square feet of retail space. Current tenants include Nugget Markets grocers and a wide range of retail, restaurant, convenience, beauty and professional services tenants. Robert Slate and Andrew Ferguson of Gantry’s San Francisco office secured the 10-year, fixed-rate, nonrecourse loan through a regional bank lender for the borrower, a private real estate investor.

January 6, 2023

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