Restaurant

Shopoff, Contour Break Ground on 531-Room Dream Las Vegas Hotel Casino

by Amy Works July 11, 2022

LAS VEGAS — Shopoff Realty Investments and Contour, in partnership with Dream Hotel Group, have broken ground on Dream Las Vegas, a 20-story lifestyle hotel and casino at the south end of the Las Vegas Strip. Designed by DLR Group within interiors by AvroKo, Rockwell Group and DLR Interior, the $550 million development will feature 531 guest rooms, seven experiential dining and nightlife venues, 12,000 square feet of meeting and event space and a 20,000-square-foot casino. Additional amenities will include a third-level resort pool and day club, two bar and lounge concepts on the gaming floor, a lobby bar, craft coffee café and gelateria on the street level, as well as a sporting club, boutique nightclub, signature restaurant and 24-hour diner on the third floor. The hotel portion’s event and meeting space will include a 5,000-square-foot ballroom, 90-seat live entertainment theatre, a fitness center by TechnoGym and onsite parking. Peninsula Pacific Entertainment will operate the casino and gaming components of the property. The property, located at 5051 S. Las Vegas Blvd., is slated for completion in late 2024. McCarthy Building Cos. is the design-build contractor for the project.

July 11, 2022

Acquisitions California Net Lease Restaurant Retail Western

Orange County-Based Private Partnership Sells KFC-Occupied Property in Perris, California for $3.7M

by Amy Works July 11, 2022

PERRIS, CALIF. — An Orange County-based private partnership has completed the disposition of a restaurant property located at 2560 N. Perris Blvd. in Perris. A Riverside County-based local family office acquired the asset for $3.7 million, or $1,706.82 per square foot. KFC occupies the single-tenant, 2,200-square-foot building, which features a drive-thru, on a net-lease basis. The property was built in 2022. Bill Asher and Jeff Lefko of Hanley Investment Group, along with Greg Bedell of Progressive Real Estate Partners, represented the seller, while Howard Rosenthal and Guy Excell of Hemet-based Rosenthal & Excell Commercial Real Estate represented the buyer in the deal.

July 11, 2022

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $4.6M Sale of Starbucks-Occupied Building in Mojave, California

by Amy Works July 8, 2022

MOJAVE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a new construction, single-tenant retail property located at 15652 Sierra Highway in Mojave. Phoenix-based Kaidence Group sold the asset to an Orange County-based private investor for $4.6 million. Starbucks Coffee occupies the 3,000-square-foot freestanding property that includes a café and drive-thru. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.

July 8, 2022

Development Georgia Restaurant Retail Southeast

NAP Gains County Approval for Redevelopment of Avenue East Cobb Shopping Center in Metro Atlanta

by John Nelson July 8, 2022

MARIETTA, GA. — North American Properties (NAP) has gained unanimous approval from the Cobb County Board of Commissioners for its redevelopment plan of the Avenue East Cobb, an open-air shopping center located in the northeast Atlanta suburb of Marietta. Plans call for a portion of the central building near Kale Me Crazy to be demolished to make way for an 8,000-square-foot area called The Plaza that will be surrounded by restaurants with patios. The Plaza will feature a covered, raised stage for performances; an LED screen for broadcasting live events; and a deck with soft, flexible seating. Connected to The Plaza will be a 500-square-foot concierge building with optional valet that will be offered seasonally and during large-scale events. Two 2,500-square-foot, standalone retail and restaurant buildings will also be constructed adjacent to the concierge station. Additionally, NAP has secured new leases with Warby Parker, New York Butcher Shoppe and Tempur-Pedic, as well as a Kendra Scott pop-up and Vanilla Café. The Cincinnati-based developer will begin the permitting process immediately with plans to host a public groundbreaking celebration later this fall. NAP is partnering with PGIM Real Estate for the redevelopment of Avenue East Cobb, which Atlanta-based Cousins Properties opened in …

July 8, 2022

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Lalani Ventures Inks Deal to Move Atlanta Brewing Co. to Underground Atlanta

by John Nelson July 7, 2022

ATLANTA — Lalani Ventures has signed Atlanta Brewing Co., a pioneer of the craft beer movement in the Southeast, to relocate from Atlanta’s West Midtown district to Underground Atlanta, a historic mixed-use redevelopment underway in south downtown Atlanta. The brewer was founded in 1993 with its first location off Williams Street in Midtown, before moving to its current location in 2007. The brewer will relocate again to Underground Atlanta and operate a new indoor/outdoor taproom, brewery and restaurant along Upper Alabama Street. The 8,600-square-foot location, which was once the Atlanta Visitors Center, is set to open before the end of the year and will feature a rotation of guest chefs, ping pong tables, a canning operation and roll-up garage doors. Additionally, the taproom will offer 20 beer selections and self-pouring taps throughout the space. Lalani Ventures has previously secured leases at Underground Atlanta with Fulton County’s Public Arts Future Lab, an artist residency funded by Microsoft; MARTA Artbound, MARTA’s public art program; Arts & Entertainment Atlanta; YELLE Beauty, a black woman-owned and operated beauty concept by Yandy Smith-Harris; Dancing Crepes, a new dining concept also by Smith-Harris; dolo’s pizza company, a pizza concept by Alyson Williams and Yusef Walker; and …

July 7, 2022

Features Heartland Feature Archive Restaurant Retail

Retail, Restaurant Industries Embrace Post-Pandemic Design Shifts

by Kristin Harlow July 5, 2022

By Kristin Hiller As the nation emerges on the other side of the pandemic, the retail and restaurant industries are tasked with adapting their store designs and business models to match consumer behavioral shifts. Shoppers and diners alike want to make purchases easily with multiple options for ordering and pickup. Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted the services of Minneapolis-based design consultancy Vertical Works Inc. in 2020 to create a new restaurant design. The result was Defy, a two-story concept with four drive-thru lanes situated below the restaurant kitchen. The 3,000-square-foot restaurant, which is located in the Minneapolis suburb of Brooklyn Park, recently opened. Josh Hanson, founder and CEO at Vertical Works and WORKSHOP, says his team set out to reimagine the drive-thru experience and create a concept that would solve many of the issues related to traditional drive-thrus. “By elevating kitchens and operations and adding multiple drive-thru lanes underneath, the Defy concept is able to increase efficiency and profitability within the same footprint and at the same cost as a traditional drive-thru,” he states. Defy customers will be able to place orders online via the Taco Bell app or traditionally …

July 5, 2022

Leasing Activity Midwest Restaurant Retail Wisconsin

Social Cantina to Open 4,800 SF Restaurant at The Mill at Ironworks Plaza in Wisconsin

by Kristin Harlow June 30, 2022

MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.

June 30, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Cinergy Dine-In Cinemas to Open at Former CMX Location at Wheeling Town Center in Suburban Chicago

by Kristin Harlow June 24, 2022

WHEELING, ILL. — Cinergy Dine-In Cinemas is slated to open in July at the former CMX CinéBistro location at Wheeling Town Center in the Chicago suburb of Wheeling. The 40,000-square-foot, seven-screen theater will offer a dine-in theater experience. Wheeling Town Center, developed by The Lynmark Group, is now fully leased. This is the ninth location nationwide for Cinergy, which is operated by Dallas-based Cinergy Entertainment Group Inc. Other tenants at Wheeling Town Center include 312 Nails, Artic Spoon, AT&T, City Works, Inland Bank, Meat & Potato Urban Kitchen, Mia’s Cantina, Starbucks and The Learning Experience.

June 24, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Triple Five Group to Open 10,000 SF Food Hall at American Dream in East Rutherford, New Jersey

by Taylor Williams June 24, 2022

EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.

June 24, 2022

Acquisitions Development Georgia Restaurant Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Chick-fil-A Ground Lease in Metro Savannah

by John Nelson June 23, 2022

POOLER, GA. — Marcus & Millichap has arranged the $2.4 million sale of a Chick-fil-A ground lease located at 2100 Pooler Parkway in Pooler, about 12 miles west of Savannah’s downtown historic district. The 5,181-square-foot restaurant is currently underway on a 1.5-acre site, and Chick-fil-A has 15 years remaining on its lease. An out-of-state, privately held investor purchased the ground lease in an all-cash transaction at a 3.45 percent cap rate. The seller was not disclosed. Don McMinn and Brian Munn of Marcus & Millichap brokered the transaction. “This property was sold pre-construction eight months out from delivery,” says McMinn. “[The transaction] demonstrates the strong demand and aggressive pricing for quality net-lease assets.”

June 23, 2022

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