GREAT NECK, N.Y. — New York-based Namdar Realty Group has sold a portfolio of 10 net-leased retail properties located across five states. Five of the properties are located in California. Two assets are in Oregon, and each of the remaining three properties are split between Illinois, Maine and Connecticut. The portfolio spans more than 100,000 square feet and was approximately 95 percent leased at the time of sale to tenants such as Buffalo Wild Wings, Best Buy, Cost Plus World Market, State Farm, AT&T and Uno Pizzeria. Andrew Ebrani and Jonathan Abda represented Namdar Realty Group on an internal basis. The buyer and sales price were not disclosed.
NORWICH, CONN. — Boston-based national retail brokerage firm Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
CLE ELUM, WASH. — JLL’s Hotel & Hospitality Group has arranged the sale of Suncadia, a resort community with hotel and residential components in Cle Elum, approximately 90 miles east of Seattle. Funds managed by Oaktreee Capital Management sold the asset. Terms of the transaction were not released. Situated on 6,400 acres, the resort features the 254-room Lodge at Suncadia; the 18-room Inn at Suncadia; five food and beverage outlets; multiple event spaces and meeting rooms; a swim club and fitness center; and a spa and wellness center. The resort also offers three mountain golf courses: the 7,100-yard, 18-hole Prospector Golf Course; the 7,300-yard, 18-hole Rope Rider Golf Course; and the private Tumble Creek Golf Course. The current ownership expects to sell additional units across the Suncadia resort and its sister community, Tumble Creek, which is located across the Cle Elum River. John Strauss, Tony Musico, Melvin Chu and Tatiana Hodapp of JLL Hotels & Hospitality represented the seller in the transaction.
ANAHEIM, CALIF. — Faris Lee Investments has arranged the $20.5 million sale of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill.
WYOMING, MICH. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
BROOKLYN PARK, MINN. — Taco Bell is building a restaurant with a new drive-thru concept in Brooklyn Park, a suburb of Minneapolis. Construction is underway on the 3,000-square-foot, two-story restaurant. Completion is scheduled for summer 2022. Known as Defy, the new restaurant concept was developed in partnership with Minneapolis-based Vertical Works Inc., a design company that works with quick-serve restaurants, retailers and healthcare tenants. In 2020, Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted Vertical Works to create a new restaurant design. With Defy, Taco Bell and Border Foods will partner on their 230th restaurant and 82nd new restaurant build. The concept reimagines the traditional drive-thru experience with four lanes, three of which are dedicated to mobile or delivery order pickups. This way, customers who order via the Taco Bell app or third-party delivery services can skip the line. The drive-thru lanes are situated below the restaurant kitchen. Additionally, digital check-in screens enable mobile order customers to scan in their order via a unique QR code. Food is delivered in a contactless manner via a proprietary lift system. The Defy footprint is smaller or equal to existing Taco Bell store footprints. There will be …
SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.
DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
SAN CLEMENTE, CALIF. — Stos Partners has acquired a vacant, 4,000-square-foot retail and restaurant property in the Orange County submarket of San Clemente in an off-market transaction. The sales price was $1.9 million. Stos Partners secured a long-term lease on the entire building with The Alchemists, a restaurant group operated by Leonard Chan. The new restaurant concept, Mura, will be an upcoming dining destination that offers Japanese grilled barbecue, a tiki bar and a Japanese speakeasy bar. Prior to opening, Stos Partners plans to complete extensive interior and exterior renovations in addition to making several building upgrades, including a new roof, mechanical systems and grease traps. Coastal Commercial represented Stos Partners in the transaction.
Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis
MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.