Restaurant

Sansome Pacific Buys Value-Add Retail, Hotel Portfolio for $20.6M

by Amy Works February 3, 2022

SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.

February 3, 2022

Development Kansas Midwest Restaurant Retail

IHOP, Paris Baguette to Open Near Oak Park Mall in Overland Park, Kansas

by Kristin Harlow February 1, 2022

OVERLAND PARK, KAN. — IHOP and Paris Baguette will open new locations at a pad development site fronting Oak Park Mall in Overland Park. Currently, a 34,371-square-foot office building is undergoing demolition to make way for the construction of the new pad development. IHOP will occupy 4,500 square feet and Paris Baguette will lease 1,500 square feet of the 6,000-square-foot building. Additionally, negotiations are underway with a national bank to occupy the corner pad. Alex Block of Block & Co. Inc. Realtors represented the tenants, while colleagues Daniel Brocato and David Block represented ownership. Paris Baguette is a rapidly expanding bakery café concept with dozens of locations nationwide. This will be the first location in metro Kansas City for the brand.

February 1, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Inspire Development Breaks Ground on $2B Mixed-Use Campus in Northwest Austin

by John Nelson February 1, 2022

AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …

February 1, 2022

Development Restaurant Retail Texas

Karlin Real Estate Opens Dining, Entertainment Venue at Austin FC Training Facility

by Taylor Williams January 31, 2022

AUSTIN, TEXAS — Karlin Real Estate has opened The Pitch, a dining and entertainment venue at the training facility of Austin FC, the city’s professional soccer team. The venue features food and beverage concepts Ranger Burger, Taco Flats, Sand Bar, Coffee Club and Corner Kick Bar. In addition, The Pitch houses a 1,200-seat stadium with an artificial soccer field, a five-acre pond with jogging trails and sand volleyball courts, an events center and a TV viewing area. Mark Odom Studio and STG Design served as the project architects. Corner Kick Hospitality Group operates the venue.

January 31, 2022

Leasing Activity Michigan Midwest Restaurant Retail

Sugar Factory to Open in Downtown Detroit This Spring

by Kristin Harlow January 28, 2022

DETROIT — Sugar Factory American Brasserie is set to open in downtown Detroit late this spring. The First Michigan location for the brand will be located at 45 Monroe St. within Bedrock’s One Campus Martius building. The 233-seat restaurant will also feature Sugar Factory’s candy store. The main dining area will offer both indoor and outdoor seating, along with décor including neon signs, floral walls and a candy heart wall. Sugar Factory serves breakfast, lunch and dinner. Its most legendary dessert is the King Kong Sundae, which serves up to 12 people and features 24 scoops of ice cream.

January 28, 2022

Illinois Leasing Activity Midwest Restaurant Retail

Star Cinema Grill to Open at Arboretum of South Barrington in Suburban Chicago

by Kristin Harlow January 27, 2022

SOUTH BARRINGTON, ILL. — Star Cinema Grill has signed a 15-year lease to open a 38,000-square-foot location at The Arboretum of South Barrington in the northwest Chicago suburb of South Barrington. Star Cinema Grill is opening in space previously occupied by IPIC Theaters. Slated to open this spring, the movie theater will offer an extensive menu and full-service bar. Mike Zucker, managing partner of Peak Properties LLC, was named receiver of the 480,000-square-foot shopping center in late 2020. Madeline Wheeler of JLL represented Peak, while Kristen Barker of Wulfe & Co. represented Star Cinema Grill. Cory Born of JLL serves as the general manager of the shopping center.

January 27, 2022

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Brokers $19.3M Sales of Four Single-Tenant Investments at Retail Center in Rosamond, California

by Amy Works January 27, 2022

ROSAMOND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sales of four single-tenant, net-leased investments at a shopping center in Rosamond for a total consideration of $19.3 million. Four separate buyers acquired the assets, which offer a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Pasadena-based Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property at 2550 Rosamond Blvd. A San Diego-based private partnership purchased the asset for $7.1 million. Mike Conger of San Diego-based CAA represented the buyer in the deal. A Los Angeles-based private investor acquired a 2,200-square-foot Starbucks Café and Drive-Thru at 2544 Rosamond Blvd. for $3.5 million. Joey Kim of Irvine-based eXp Realty represented the buyer, while Asher and Lefko represented the seller. In the third deal, Asher and Lefko arranged the sale of a 3,062-square-foot 7-Eleven convenience store with a gas station at 2536 Rosamond Blvd. A San Diego-based private investor acquired the property for $5.6 million. Lindsey Kalal of Coronado-based Kalal Investment Realty represented the buyer, while …

January 27, 2022

Colorado Development Healthcare Office Restaurant Retail Western

Evergreen Devco Plans Three Buildings at Nine Mile Corner Mixed-Use Project in Erie, Colorado

by Amy Works January 25, 2022

ERIE, COLO. — Evergreen Devco has broken ground for three buildings at Nine Mile Corner, a mixed-use project in Erie. Located at the southwest corner of U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space. The project is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority. The under-construction properties are two multi-tenant buildings, totaling 18,000 square feet, and an 8,000-square-foot UCHealth medical office building. Waner Construction is the serving as general contractor and G3 Architecture is serving as architect for the three buildings. Completion is slated for third-quarter 2022.

January 25, 2022

Georgia Market Reports Restaurant Retail Southeast Southeast Market Reports

Atlanta’s Resilient Restaurant Sector is on the Rebound Post-Pandemic

by John Nelson January 24, 2022

When I recently looked into a prime site in Atlanta’s bustling West Midtown district on behalf of one of my restaurant clients, I quickly realized that several restaurants were eyeing the space. There were six other restaurant groups interested in leasing the space, creating a bidding war at rental rates far higher than my client wanted to pay. Heated competition for available restaurant spaces is by no means unusual in the Atlanta market these days, particularly for intown Atlanta, or the portion of the city located within the Interstate 285 loop and containing some of the city’s most urban, in-demand neighborhoods including Old Fourth Ward, EAV (East Atlanta Village) and Poncey-Highland. It’s been a rollercoaster stretch for the retail and restaurant sectors since the onset of the COVID-19 pandemic. Large decreases in sales at the outset were followed by a substantial recovery by early 2021, only to be followed by a setback in some markets over the summer caused by the more contagious Delta variant. Despite the challenging conditions, Davis said his clients have been forging ahead with their expansion plans. These clients have benefitted from their history of strong sales and the ability to adjust their service models (such …

January 24, 2022

Acquisitions Arizona Restaurant Retail Western

Hanley Investment Negotiates $7.1M Sale of Portillo’s Drive-Thru Property in Glendale, Arizona

by Amy Works January 19, 2022

GLENDALE, ARIZ. — Hanley Investment Real Estate Advisors has brokered the sale of a newly constructed, single-tenant restaurant property located 17125 N. 79th Ave. in Glendale. An Orange County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $7.1 million. Portillo’s occupies the 7,800-square-foot restaurant building, which is situated on 1.9 acres. The property features an outdoor patio and a double-lane drive-thru. The diner-themed restaurant, which opened in April 2021, serves Chicago-style hot dogs, Italian beef sandwiches, chargrilled burgers, fresh salads and chocolate cake. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investments represented the seller, while Chuck Wilson and Kenny Patricia of Colliers’ Irvine, Calif., office represented the buyer in the deal. Lee Csenar of Hanley Investment Real Estate Advisors served as broker of record in Arizona.

January 19, 2022

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