Restaurant

Structured Development, Burnt City Brewing Open District Brew Yards in Suburban Chicago

by Kristin Harlow December 16, 2022

WHEELING, ILL. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location at 700 N. Milwaukee Ave. in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch and Mexican cuisine from Chicano Taqueria. The first District Brew Yards location opened in Chicago’s West Town neighborhood in 2019. The Wheeling location features a taproom with communal tables, bottle shop and outdoor beer garden that seats more than 100 people.

December 16, 2022

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $3.8M Sale of Starbucks-Leased Retail Building in Tampa

by John Nelson December 15, 2022

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.

December 15, 2022

Leasing Activity New York Northeast Restaurant Retail

Urbanspace Opens 10,000 SF Food Hall in Manhattan’s Union Square

by Taylor Williams December 15, 2022

NEW YORK CITY — Urbanspace has opened a 10,000-square-foot food hall in Manhattan. Urbanspace Union Square is located on the ground floor of Zero Irving, a new mixed-use building by RAL Development. Vendors include Summer Salt, Twenty One Grains, Kid Brother Pizza, Pita Yeero, Plant Junkie, Goat Café, Bao by Kaya, Bobwhite Counter, Playa Bowls, Wafels & Dinges, Top Hops, Casa Toscana and GoFish. The venue marks the fifth New York City food hall by Urbanspace.

December 15, 2022

Loans Mixed-Use Multifamily Restaurant Retail Utah Western

Dwight Capital Provides $21.4M HUD Loan for Paxton 365 Apartment Complex in Salt Lake City

by Amy Works December 13, 2022

SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.

December 13, 2022

Leasing Activity Michigan Midwest Restaurant Retail

Domino’s Pizza Signs 1,667 SF Lease for New Location in Plymouth, Michigan

by Jeff Shaw December 12, 2022

PLYMOUTH, MICH. — Domino’s Pizza has signed a lease to occupy 1,667 square feet near the southwest quadrant of Ann Arbor Road and Main Street in Plymouth. The new Domino’s location will partially replace a former AT&T store, which has been vacant for 150 days and is currently being redeveloped into a two-tenant retail building. The store is slated to open in approximately six months. Michael Murphy and Tjader Gerdom of Gerdom Realty and Investment, a commercial real estate agency based in Northville, Mich., represented Domino’s in the transaction. Gregory Mallory of Armada Real Estate, based in West Bloomfield, Mich., represented the landlord.

December 12, 2022

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers Sales of Two Retail Pad Buildings in Riverside, California

by Amy Works December 12, 2022

RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sales of two adjacent single-tenant retail properties that. Private investors acquired the properties in separate deals for a combined total of $4.2 million. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles-based seller for both transactions. The transactions are: The $2.1 million, or $920 per square foot, sale of 3940 University Avenue. Plant Power, a fast-casual drive-thru restaurant with patio, occupies the 2,250-square-foot building. The $2.1 million, or $614 per square foot, sale of 3980 University Avenue. Richie’s Hot Chicken and Carlo’s Tijuana Tacos are tenants at the 3,500-square-foot building.

December 12, 2022

Acquisitions New York Northeast Northmarq Restaurant Retail

Northmarq Arranges $7.6M Sale of Restaurant Property in Huntington, New York

by Taylor Williams December 8, 2022

HUNTINGTON, N.Y. — Northmarq has arranged the $7.6 million sale of a 4,996-square-foot restaurant property located in the Long Island community of Huntington. The newly built restaurant sits on 2.5 acres and is leased to Chick-fil-A. A shopping center owner and developer based in Westchester County sold the property to a New York-based 1031 exchange investor. Maggie Holmes and Mike Sladich of Northmarq brokered the deal. The deal traded at a cap rate of 3.68 percent.

December 8, 2022

Development Florida Mixed-Use Restaurant Retail Southeast

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

by John Nelson December 7, 2022

MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.

December 7, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Halsted Street Deli & Bagel to Open 1,500 SF Location at Park Plaza in Naperville, Illinois

by Kristin Harlow December 5, 2022

NAPERVILLE, ILL. — Halsted Street Deli & Bagel is opening a 1,500-square-foot location at Park Plaza, an office building in the Chicago suburb of Naperville. Accesso owns the building. Slated to open in January, the restaurant will be accessible to tenants of the property as well as the general public. Halsted Street Deli is known for its soups, salads, sandwiches and bagels. The Naperville location will be open from 7:30 a.m. to 2 p.m. each day.

December 5, 2022

Leasing Activity Restaurant Retail Texas

Kimco Negotiates Two Food-and-Beverage Leases at Shops at Baybrook in Webster, Texas

by Taylor Williams December 2, 2022

WEBSTER, TEXAS — Kimco Realty, a New York-based REIT, has negotiated two food-and-beverage leases with Kura Sushi, a technology-enabled Japanese restaurant, and specialty meat concept Wild Fork at The Shops at Baybrook. The leases respectively total 3,848 and 4,700 square feet. The center is under construction in the southeastern Houston suburb of Webster. Hannah Tosch, Wade Greene, Cody Persyn and Kimberly Lenardson of Colliers represented Kimco in the lease negotiations. Opening dates have not yet been established.

December 2, 2022

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