Restaurant

CBRE Negotiates $23.7M Sale of Greentree Plaza in Everett, Washington

by Amy Works January 3, 2023

EVERETT, WASH. — CBRE has arranged the sale of Greentree Plaza, a shopping center located at 305-505 SE Everett Mall Way in Everett. ACF Property Management sold the retail center to Transnational Management for $23.7 million. Built between 1998 and 2004, Greentree Plaza offers 83,035 square feet of retail space. At the time of sale, the property was 96 percent leased to 18 tenants, including Chipotle, Starbucks Coffee, Sportsman’s Warehouse, Jamba Juice, Visionworks, Bank of America, Subway and Supercuts. The plaza shares a parking lot with a Target store, which was not included in the sale. Dino Christophilis and Daniel Tibeau of CBRE’s National Retail Partners represented the seller in the deal.

January 3, 2023

Acquisitions California Restaurant Retail Western

Commercial Asset Advisors Brokers $2.5M Sale of Retail Building in Downtown San Diego

by Amy Works January 3, 2023

SAN DIEGO — Commercial Asset Advisors has arranged the sale of a retail property located at 1139-1143 6th Ave. in downtown San Diego. Aura Olive and Luis Lopez sold the asset to Anthem Real Estate Ventures for $2.5 million. Two restaurants and a convenience store occupy the 4,850-square-foot building on long-term leases. Gino Kalasho and Austin Fellows of Commercial Asset Advisors represented the seller in the deal.

January 3, 2023

Acquisitions Illinois Midwest Restaurant Retail

FCPT Purchases Buffalo Wild Wings Portfolio in Illinois for $14.3M

by Kristin Harlow January 3, 2023

ILLINOIS — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The restaurant has roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, Calif.-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.

January 3, 2023

Leasing Activity Michigan Midwest Restaurant Retail

Green Lantern Pizza to Open at Village Plaza in Warren, Michigan

by Kristin Harlow January 3, 2023

WARREN, MICH. — Green Lantern Pizza has leased 1,400 square feet at Village Plaza in Warren, a northern suburb of Detroit. The Warren restaurant marks Green Lantern Pizza’s 10th location in the state. Michael Murphy, Bill McLeod and Haley Kelly of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group. Located at the northwest corner of 13 Mile and Mound roads, Village Plaza spans roughly 100,000 square feet. Green Lantern Pizza has operated in metro Detroit since 1955.

January 3, 2023

District of Columbia Market Reports Restaurant Retail Southeast Southeast Market Reports

D.C. Retail Sector is a Tale of Two Markets: Downtown and Everywhere Else

by John Nelson January 2, 2023

So much has been made about the future of retail in the United States. Is it dead? Is it back? How has it evolved? No doubt, retail was the sector most affected by the COVID-19 pandemic, and that is also true here in Washington, D.C. If you look at regional data, it appears to be rebounding nicely. The overall market currently boasts a near record-low vacancy rate at just 5.1 percent, according to CoStar Group. Tighter market conditions have helped landlords restore pricing power throughout the District, and asking rents and rent growth have surpassed pre-pandemic highs. When we measure by net absorption, retail demand in the region in 2022 is on pace to reach its highest level since 2016. But numbers don’t tell the whole story as the retail sector’s recovery in D.C.’s downtown market post COVID differs greatly from all of the metropolitan area’s other submarkets in a scenario that can only be described as a tale of two markets. Downtown D.C. So, what’s driving downtown retail these days? Simply, it’s the office market. Retail’s post-pandemic recovery is almost entirely dependent on office workers, and there is no more significant factor at play for its success than corporation’s …

January 2, 2023

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Arranges $2.5M Sale of Buffalo Wild Wings-Occupied Property in Castle Rock, Colorado

by Amy Works December 23, 2022

CASTLE ROCK, COLO. — Marcus & Millichap has brokered the sale of a restaurant building located at 4995 Factory Shops Blvd. in Castle Rock. Niki Castle Rock LLC sold the asset to an undisclosed buyer in a 1031 exchange for $2.5 million, or $399.46 per square foot. Buffalo Wild Wings occupies the property and offers a bar, indoor/outdoor space and VIP spaces. Drew Isaac and Ian Hicks of Marcus & Millichap represented the seller in the deal.

December 23, 2022

Development Hospitality Mixed-Use Restaurant Retail Southeast Virginia

Cordish Cos. to Build $1.4B Mixed-Use Development in Metro Richmond

by John Nelson December 23, 2022

PETERSBURG, VA. — Cordish Cos. has announced plans for a $1.4 billion mixed-use project located in Petersburg, roughly 24 miles south of Richmond. Upon completion, the development, dubbed Live! Gaming & Entertainment District, will comprise 4 million square feet, including 600,000 square feet of retail, dining and entertainment space. The property will also include 1,300 residential units, 500 hotel rooms and office space. Built in phases, the project’s first phase will consist of the Live! Casino & Hotel Virginia, pending legislative approval. Plans for the 670,000-square-foot first phase include a 200-room hotel with 20 suites, an events center, 2,000 gambling slots, 60 live-action table games, food-and-beverage options and a sportsbook.

December 23, 2022

Acquisitions Restaurant Southeast Virginia

Red Mountain Group Acquires Virginia Beach Restaurant for $1.6M

by John Nelson December 22, 2022

VIRGINIA BEACH, VA. — Red Mountain Group Inc., a retail redevelopment firm based in Southern California, has purchased a 4,925-square-foot, single-tenant net-lease restaurant in Virginia Beach for $1.6 million. The restaurant is leased to Dirty Buffalo, a wing chain based in Virginia’s Hampton Roads region. The property is an outparcel to Target and has roughly seven years remaining on its lease. Matthew Mousavi of SRS Real Estate Partners represented Red Mountain Group in the transaction. The seller was not disclosed.

December 22, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Negotiates $10.4M Sale of Chick-fil-A-Occupied Restaurant in Livermore, California

by Amy Works December 20, 2022

LIVERMORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property located at 1754 N. Livermore Ave. in Livermore. Meridian sold the property to an Alameda County-based buyer in a 1031 exchange for $10.4 million. Chick-fil-A occupies the 4,821-square-foot, built-to-suit property on a 20-year initial net lease term. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.

December 20, 2022

Acquisitions Arizona Restaurant Retail Western

Newmark Negotiates $23.5M Sale of The Block at Pima Center Retail Property in Scottsdale

by Amy Works December 16, 2022

SCOTTSDALE, ARIZ. — Newmark has arranged the sale of The Block at Pima Center, a multi-tenant retail property in Scottsdale. Block East LLC and Block West LLC sold the asset to New Block 22 LLC for $23.5 million. Located at the northwest corner of Via De Ventura and Arizona State Route 101, The Block at Pima Center features 37,958 square feet of retail space that was fully leased at the time of sale. Current tenants include Starbucks Coffee, Dickey’s Barbecue Pit, Mayweather Boxing + Fitness and Spinato’s. The property features several full-service restaurants with patios, fast-casual dining options, health and fitness tenants, and personal care services. Jesse Goldsmith, Steve Julius and Chase Dorsett of Newmark represented the seller in the transaction.

December 16, 2022

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