Restaurant

Levin Johnston, Taycon Real Estate Broker $36M Sale of El Gato Village Shopping Center in Los Gatos, California

by Amy Works February 28, 2022

LOS GATOS, CALIF. — Levin Johnston of Marcus & Millichap and Taycon Real Estate have arranged the sale of El Gato Village Shopping Center, a retail property situated on 3.4 acres in Los Gatos. A family trust sold the asset to a privately held real estate investment and development company for $36 million. Adam Levin of Levin Johnston and Marko Buljan of Taycon Real Estate represented the seller and procured the buyer in the deal. Located at 15710 Los Gatos Blvd., the center features 58,519 square feet of retail space. At the time of sale, the property was 97 percent occupied. Current tenants include Nob Hill Foods, Chase Bank, Los Gatos Café Uptown, Una Mas Mexican Grill, PostalAnnex and Baskin-Robbins.

February 28, 2022

Alabama Development Leasing Activity Restaurant Retail Southeast

PBR x Lockhart Smokehouse to Open at Bridge Street Town Centre in Huntsville

by Julia Sanders February 24, 2022

HUNTSVILLE, ALA. — PBR x Lockhart Smokehouse is opening this year at Bridge Street Town Center, a mixed-use development in Huntsville. The dining concept is a partnership between the Professional Bull Riders (PBR) Cowboy Bar, Lockhart Smokehouse and Live! Concepts. Bayer Properties is the developer for the Bridge Street Town Center. PBR Cowboy Bar’s Country-Western experience will be joined with Lockhart Smokehouse’s Texas barbecue in the dining concept. The location at Bridge Street Town Center will be Lockhart Smokehouse’s first location outside of Texas. PBR x Lockhart Smokehouse will take up 8,121 square feet of space. Bridge Street Town Centre features over 50 tenants including Apple, Athleta, H&M and Sephora. The development recently added The Cheesecake Factory and soon will open Main Event. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno apartment complex and a 131-room Hyatt Place Hotel.

February 24, 2022

Acquisitions Michigan Midwest Restaurant Retail

Dunkin’ Sells 1,809 SF Restaurant Building in Southgate, Michigan

by Kristin Harlow February 24, 2022

SOUTHGATE, MICH. — Dunkin’ has sold its former restaurant building on Eureka Road in Southgate, about 14 miles southwest of Detroit. The retailer is relocating from the 1,809-square-foot building to a different building down the street that features a drive-thru. Michael Murphy, Vicki Gutowski and Tjader Gerdom of Gerdom Realty & Investment worked with Excess Space Retail Services to represent Dunkin’ in the sale. Jordan Jabbori of CMP Real Estate Group represented the buyer, a local restaurant owner that plans to open a new restaurant in the space.

February 24, 2022

Acquisitions Midwest Minnesota Restaurant Retail

Hanley Investment Group Negotiates $3.5M Sale of Raising Cane’s Ground Lease in Metro Minneapolis

by Kristin Harlow February 23, 2022

ST. CLOUD, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the $3.5 million sale of a Raising Cane’s ground lease in St. Cloud near Minneapolis. Built in 2021, the 3,493-square-foot restaurant building is located at 2635 W. Division St. Jeff Lefko and Bill Asher of Hanley, in conjunction with Rob Wise of CBRE, represented the seller, Minneapolis-based TOLD Development Co. Chris Rodriguez of Pacific Commercial Investments Inc. represented the buyer, California-based Caravella Properties.

February 23, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

PREIT Announces New Tenants at Cherry Hill Mall in Metro Philadelphia

by Taylor Williams February 23, 2022

CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.

February 23, 2022

Colorado Development Restaurant Retail Western

Buc-ee’s Unveils Plans for First Travel Center Outside the South in Colorado

by Amy Works February 22, 2022

JOHNSTOWN, COLO. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 60 minutes north of Denver. The development, which is the company’s first location outside of the South, is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot Buc-ee’s Johnstown will offer 120 fueling positions and a store with thousands of snack, meal and drink options, including Texas barbecue, homemade fudge, kolaches, jerky and fresh pastries, for travelers. The location will be the most western and highest altitude Buc-ee’s to date. Founded in 1982, Buc-ee’s has 35 stores across Texas. The company begin its multi-state expansion in 2019 and now has locations in Florida, Georgia, Alabama, South Carolina, Kentucky and Tennessee.

February 22, 2022

Acquisitions Colorado Mixed-Use Multifamily Office Restaurant Retail Western

Confluence Cos. Sells Lydian Mixed-Use Building in Denver to Cohen Rojas Capital Partners for $66.2M

by Amy Works February 21, 2022

DENVER — Confluence Cos. has completed the disposition of The Lydian, a Class A mixed-use property located at 2590 Welton St. in Denver. Cohen Rojas Capital Partners acquired the asset for $66.2 million. Built in 2018, The Lydian features 129 apartments; 8,176 square feet of ground-floor retail space occupied by a yoga studio and upscale cocktail lounge; 14,500 square feet of designated co-working office space; a rooftop lounge and pool; fitness center; coffee bar; underground parking; and bike storage. Twenty-two of the apartments are rent restricted for those earning up to 80 percent of area median income. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop Investment Sales completed the sale on behalf of the seller. Justin Nelson and Jay Thomas of Walker & Dunlop’s Capital Markets Group arranged the acquisition financing for the buyer.

February 21, 2022

Acquisitions Arizona Healthcare Mixed-Use Office Restaurant Retail Western

Woodside Health Buys 44,680 SF Il Palazzo at Arrowhead Ranch Mixed-Use Project in Glendale, Arizona

by Amy Works February 17, 2022

GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.

February 17, 2022

California Loans Restaurant Retail Western

JLL Arranges $11.7M Refinancing for Neighborhood Retail Property in San Diego’s Kearny Mesa

by Amy Works February 11, 2022

SAN DIEGO — JLL has secured $11.7 million in refinancing The Convoy, a neighborhood retail strip center located at 4428-4444 Convoy St. in the Kearny Mesa submarket of San Diego. The borrower was CEG Capital Partners, which will use the proceeds to refinance the existing bridge loan used to acquire the asset in 2017. CEG Capital renovated The Convoy, which was originally constructed in 1973, after acquiring the property in 2017. The 51,623-square-foot property is fully leased to a variety of tenants, including Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner. Chris Collins and Daniel Pinkus of JLL arranged the seven-year, fixed-rate loan through a regional credit union on behalf of the borrower.

February 11, 2022

Market Reports Mixed-Use Restaurant Retail Texas Texas Market Reports

Texas Retailers Still See Major Value in Mixed-Use Settings

by Taylor Williams February 8, 2022

By Taylor Williams The factors that have long enticed Texas retailers and restaurants to locate in mixed-use environments are back in full force, such that these users are once again willing to pay a premium for spaces built-in density and walkability. In some ways, this trend never really disappeared in Texas, one of the first states to reopen during the early months of COVID-19. Through measures passed in 2020 like sanctioning to-go alcohol sales and allowing businesses to stay open, albeit at reduced capacities, Texas has worked to minimize retail and restaurant closures and prevent large volumes of these spaces from being returned to markets. Neither has the state’s job and population growth slowed during the 22-month global health crisis, allowing developers across all asset classes to push forward. In addition, the newfound desire from consumers and businesses to work, shop and dine outdoors as much as possible has kept trains rolling on mixed-use projects, which inherently connect different uses through external features like trails, open streets, pocket parks and plazas. From a design standpoint, those connective features remain critically important, says Barry Hand, principal in the Dallas office of global architecture firm Gensler. “Pocket or linear parks are viewed …

February 8, 2022

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