Restaurant

EQ Office Completes $500M Renovation of Willis Tower in Chicago

by Kristin Harlow May 25, 2022

CHICAGO — EQ Office, the U.S. office portfolio company wholly owned by Blackstone, has completed its more than $500 million renovation of Chicago’s Willis Tower. The 110-story tower is now certified LEED Platinum and is the largest building in the U.S. to achieve that designation, according to EQ Office. Part of the transformation is Catalog, a 300,000-square-foot retail, dining and entertainment destination at the base of the tower. The name Catalog is a nod to the Sears Roebuck Co. and its printed catalog. Designed by Gensler, Catalog features restaurants such as Tortazo by Rick Bayless, Shake Shack, Joe & the Juice, Foxtrot, Starbucks, Brown Bag Seafood Co., Do-Rite Donuts & Chicken, Sushi-San and Sweetgreen. Kindling, a two-story restaurant concept from Chicago’s 50/50 Group, as well as Urbanspace, a food hall, are both slated to open in late summer or early fall. A 30,000-square-foot outdoor terrace sits atop Catalog. The Skydeck observatory at Willis Tower also underwent a renovation through partnerships with exhibit design firms Thinc and SOM. An interactive “best of Chicago” museum-like exhibit celebrates the personality, history and neighborhoods of Chicago. Gensler designed the building’s new exterior façade at the base. SKB Architecture and Design handled the design of …

May 25, 2022

Market Reports Northeast Northeast Market Reports Restaurant Retail

Mixed-Use Owners in Northeast Face Retail Tenancy Dilemma

by Taylor Williams May 20, 2022

By Taylor Williams As the pandemic recedes from the minds and wallets of American consumers, the food and beverage (F&B) industry finds itself embroiled in a host of new financial problems, driven this time by pure economics rather than public health. Inflation and supply chain disruption are working both in tandem and within independent channels to bring new hardships to the sector, mainly in the form of elevated costs and delayed timelines for operating and expanding restaurants of all types. At the same time, F&B owners and operators finds themselves awash with pent-up demand to dine out, drink, socialize and enjoy entertainment attractions and activities. Meanwhile, across the Northeast, quality F&B spaces that went dark during the first 18 months of the pandemic have largely been reabsorbed. That confluence of circumstances encapsulates major incentives and opportunities for landlords to raise rents. Add in the fact that these property owners have in many cases been operating on deferred, reduced or restructured rent payment schedules for much or all of the last two years, and the move to push F&B rents is even more justifiable. For owners of traditional retail product — from power centers to neighborhood strip malls to single-tenant, net-leased …

May 20, 2022

Development Restaurant Retail Texas

Woodmont Co. Breaks Ground on 1,400 SF Retail Building for Starbucks in Longview, Texas

by Taylor Williams May 19, 2022

LONGVIEW, TEXAS — Fort Worth-based developer The Woodmont Co. has broken ground on a 1,400-square-foot retail project for Starbucks in Longview, located about 120 miles east of Dallas. The new coffee shop will be situated at the site of a former gas station and will be devoid of any indoor dining space. Shell construction of the building is scheduled to be complete in June.

May 19, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Azarian Realty Signs Two New Tenants at Northern New Jersey Shopping Center

by Taylor Williams May 16, 2022

LIVINGSTON, N.J. — Azarian Realty Co. has signed two new tenants to leases at Livingston Town Center, a 65,000-square-foot shopping center in Northern New Jersey. Spa concept Bleu Mirage Aesthetics has leased 1,886 square feet, and food and beverage user Mango Mango Dessert has leased 1,323 square feet. Kevin Pelio of Azarian Realty represented both parties in the first set of lease negotiations. Pelio and James Azarian represented both sides in the second deal.

May 16, 2022

Leasing Activity Midwest Missouri Restaurant Retail

Hot Box Cookies Opens at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow May 16, 2022

ST. CHARLES, MO. — Hot Box Cookies has opened at Streets of St. Charles in suburban St. Louis. The store at 650 Beale St. is the sixth metro St. Louis location for Hot Box Cookies, which specializes in freshly made cookies in a dozen flavors. Customers can take home a box or have it delivered. Hot Box also offers ice cream sandwiches, cookie cakes and catering services. Owned and managed by Cullinan Properties Ltd., Streets of St. Charles is a 27-acre mixed-use development featuring retail, dining, entertainment, hospitality, multifamily and office space.

May 16, 2022

Leasing Activity Restaurant Retail Texas

Bright Realty Adds 11 New Retailers, Restaurants at Realm at Castle Hills in Metro Dallas

by Taylor Williams May 11, 2022

LEWISVILLE, TEXAS — Bright Realty has added 11 new retail and restaurant users at The Realm at Castle Hills, the locally based developer’s 324-acre mixed-use destination in the northern Dallas suburb of Lewisville. Food and beverage concepts include Saray Mediterranean Fusion Grill & Bar, Salubrious Juice & More, donut eatery Mochinut, smoothie bar Bahama Bucks, breakfast concept Food Morning and Japanese restaurant Luster Grill. The roster now also features three salons — Cool Heads, Salon Bellus and Cachet Salons & Spa — as well as fitness concept Hotworx and Castle Hills Animal Hospital.

May 11, 2022

California Development Loans Restaurant Retail Western

Halftery Development, Trinity Investors Receive $39.4M Construction Loan for Shopping Center in French Valley, California

by Amy Works May 2, 2022

FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.

May 2, 2022

Arizona Development Mixed-Use Multifamily Restaurant Retail Western

Thompson Thrift Acquires 30-Acre Land Parcel in Phoenix for Mixed-Use Development

by Amy Works April 27, 2022

PHOENIX — Thompson Thrift has purchased a 30-acre development site at the southwest corner of Dove Valley and 29th Avenue in Phoenix. Terms of the transaction were not disclosed. The company plans to develop a mixed-use property on 16 acres of the site. The remaining acreage will be left as outdoor space that is part of Skunk Creek Wash natural preserve, and will feature pedestrian amenities and running paths. Upon completion, the development will feature apartments and 35,000 square feet of retail. Oregano’s, a local pizza chain, and Twisted Sugar, a gourmet cookie shop, have pre-leased space at the development.

April 27, 2022

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

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

Acquisitions Colorado Restaurant Retail Western

Blue West Capital Arranges $3.4M Sale of Starbucks-Occupied Property in Commerce City, Colorado

by Amy Works April 22, 2022

COMMERCE CITY, COLO. — Blue West Capital has arranged the $3.4 million sale of a single-tenant retail property in Commerce City, approximately six miles northeast of downtown Denver. Brandon Gayeski and Robert Edwards of Blue West Capital represented the seller, a Colorado-based partnership. The buyer was a 1031 exchange investor based in Colorado. The 2,340-square-foot property features a drive-thru and was constructed in 2020. Located at 4860 East 60th Ave., Starbucks Coffee occupies the property on a long-term lease.

April 22, 2022

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