Restaurant

WASHINGTON, D.C. — The majority of full-service and limited-service restaurant operators say that business conditions are worse now than they were three months ago, according to a new survey conducted by the National Restaurant Association. The study found that 44 percent of operators think it will take more than a year before business conditions return to normal, and 19 percent believe they never will. The National Restaurant Association conducted the study from Sept. 7-15 and surveyed 4,000 restaurant operators nationwide. Although the industry has added back many of the jobs lost during the pandemic, 78 percent of operators say their restaurant does not have enough employees to support current customer demand. Rising costs are impacting restaurants too. According to the survey, 91 percent of operators are paying more for their food; 84 percent have higher labor costs; and 63 percent are paying higher occupancy costs. At the same time, profitability is down — 85 percent of operators reported smaller margins than prior to the pandemic. While August is typically one of the busiest months for restaurants, 63 percent of operators reported that their sales volume for August 2021 was lower than it was in August 2019. Additionally, 78 percent of …

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IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.

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MISSOURI AND IOWA — Hanley Investment Group Real Estate Advisors has brokered the sale of three single-tenant, net-lease properties occupied by Taco Bell in Missouri and Iowa for $7.4 million. The assets sold to three separate buyers. The seller for the two Missouri properties was a San Francisco Bay area-based private investment company. Jeff Lefko, Bill Asher and Beau Velten of Hanley and Jeff Christian of First Street Brokerage, in association with ParaSell Inc. represented the seller. In Kansas City, a 2,053-square-foot building located at 5700 E. Bannister Road sold to a Springfield, Mo.-based private investor. Brad Thessing of Thessing Commercial Properties represented the buyer. In Bethany, Mo., a 3,200-square-foot restaurant located at 4132 Miller St. sold to a California-based family trust. James Bitter of Fortune Associates represented the buyer. In West Des Moines, a Taco Bell ground lease sold to a Wyoming-based private investor. David Borinstein of Colliers International represented the buyer. Hanley’s Lefko and Asher, in association with Scott Reid and ParaSell Inc., represented the seller, a Kansas City-based private investor. The 2,989-square-foot restaurant is located at 1570 22nd St.

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TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

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INDIANAPOLIS — Prodigy Burger Bar and Big Bear Biscuits have signed long-term leases to share 10,000 square feet in the former Scotty’s Brewhouse space at 3905 E. 96th St. within Lakefront at Keystone, a Class A office park in Indianapolis. Both restaurants anticipate opening in early 2022. Prodigy Burger Bar, currently owned by O’Reilly’s Holdings LLC, opened its first location in 2017 and now maintains six eateries in Carmel, Geist, Greenwood, Indianapolis, Kokomo and West Carmel. Big Bear Biscuits, a partnership between Indianapolis restaurateur Keith Reilly and Indianapolis chef Dean Sample, is a new venture offering breakfast and lunch options with biscuits and a local coffee program. Both restaurants will offer indoor and outdoor dining, catering, delivery and carryout service. Scott Wise and Steve Delaney of CBRE represented ownership, Rubenstein Partners LP and Strategic Capital Partners LLC. Gary Perel of ALO Property Group represented the tenants.

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SURPRISE, ARIZ. — Boros Investments has completed the disposition of Grand Village Center, a retail property located at 14273 and 14291 W. Grand Ave. in Surprise. LJ Mainstreet Holdings acquired the asset for $5 million. The 25,653-square-foot Grand Village Center is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio, Full Service Salon and Master Taco Restaurant. The buyer also acquired two adjacent undeveloped land parcels from a different seller and plans to build additional retail buildings on the site. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the deal.

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ATWATER, CALIF. — Phillips Edison & Co. has completed the disposition of Atwater Marketplace, a shopping center located at 1601-1853 Bellevue Road in Atwater. A Los Angeles-based private investor acquired the property for an undisclosed price. Kevin Fryman and Eric Wohl of Hanley Investment Group represented the seller, while Brett Visintainer of Visintainer Group of Fresno represented the buyer in the deal. The 96,224-square-foot Atwater Marketplace was 100 percent occupied at the time of sale. Current tenants include Save Mart, CVS/pharmacy, Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rebobank, RE/MAX, Roundtable Pizza and Sourdough & Co.

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FARMINGTON, N.M. — Marcus & Millichap has arranged the sale of Starbucks Shops at Largo Square, a retail center located at 4337 E. Main St. in Farmington. An unnamed limited liability company sold the asset to an undisclosed buyer. The acquisition price was not released. Austin Snedden, Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller in the transaction. Matthew Reeves, also with Marcus & Millichap, served as broker of record. Starbucks Shops at Largo Square feature 9,000 square feet of retail space.

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5120-5110-W-Indian-School-Road-Phoenix-AZ

PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s office represented the seller, while Peter James and Rob Narchi of Marcus & Millichap’s Los Angeles office represented the buyer in the deal.

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SANTA FE, N.M. — Benderson Development has acquired two tracts of land ground-leased to Plaza Santa Fe, a 450,000-square-foot power center in Santa Fe. Truzaf LP sold the asset for an undisclosed price. The leases commenced in two phases, one in 1998 with the region’s only Target store and a newly refurbished Albertsons Market Street, and the second in 2000 with the opening of TJ Maxx, Ross Dress for Less, BestBuy, Michaels and PetSmart. Located at the intersections of Cerrillos Road, Zafarano Drive and Rodeo Road, the retail center has more than 1,000 lineal feet of street frontage on Cerrillos Road and 3,000 square feet of footage on Zafarano Drive. Target, BestBuy, Albertsons, Ross Dress for Less, TJ Maxx, Michaels, PetSmart, Ulta Beauty, Total Wine & More, Panera Bread, Five Guys and Buffalo Wild Wings are tenants at the retail center. The tracts’ combined 1.2 million gross square feet of land includes 717 parking stalls. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, and Matt Reeves, Marcus & Millichap’s broker of record in New Mexico, represented the seller and procured the buyer in the transaction.

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