MASSACHUSETTS — Casual Italian restaurant Buca di Beppo has announced plans to open four new locations in the Boston metropolitan area by this fall. The new restaurants will be in Dedham, Lexington, Seekonk and Shrewbury. It is expected that the four restaurants will add more than 275 jobs to the state. Buca di Beppo is owned by Planet Hollywood International.
APPLE VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors has represented the seller in the $2.275 million sale of the fee-simple ownership in the land leased to Red Robin Restaurant located at 18999 Bear Valley Road in Apple Valley. Through a NNN lease, Red Robin occupies the single-tenant, 5,532-square-foot pad building built in 2009 within the Jess Ranch Marketplace Phase III, a power center featuring Best Buy, Bed Bath & Beyond, Cinemark, 24 Hour Fitness and Jack in the Box. Hanley Investment Group’s Edward Hanley and William Asher represented the seller, Houston, Texas-based WRI Alliance Riley Venture III, in the all-cash transaction, and James Kwon of Coldwell Banker Best Realty represented the Corona, Calif.-based private-investor buyer.
NORTH CONWAY, N.H. — Marcus & Millichap has completed the sale of an Applebee's in North Conway for $2.18 million. The restaurant has more than 18 years remaining on its current lease with four 5-year options. It is located at 24 Settlers Green Dr. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the buyer, Salinger LLC. The seller was New York City-based DBAPPLEF LLC.
SAN DIEGO — Cassidy Turley BRE Commercial has closed the $1.1 million sale of a 3,000-square-foot retail building located at 1065 14th Street in the East Village area of San Diego. Cassidy Turley’s Danny Fitzgerald, Michael Burton and Robb Frye represented the seller, Peter Manning, in the transaction, and Tomas Schoff of American Dream Homes represented the buyer and majority tenant, Hive Sushi Lounge.
FLAGSTAFF, ARIZ. — Marcus & Millichap has brokered the $3.836 million sale of a 13,695-square-foot Walgreens located at 1025 S. Milton Road in Flagstaff. The single-tenant, net-leased property is situated on the border of Northern Arizona University. Marcus & Millichap’s Jamie Medress and Mark Ruble represented the seller, a limited-liability company, in the transaction.
SAN DIEGO — The P & J Hennessey Irrevocable Trust has acquired a 4,500-square-foot restaurant building, located at 7811 Herschel Ave. in the La Jolla submarket of San Diego, for $1.375 million. Michael Spilky of Location Matters Restaurant & Retail Brokerage represented both the buyer and the seller, Buonsante Family Trust, in the transaction. For the past 24 years, BFT has operated the Santé Restaurant at the property, which will be completely renovated to house Hennessey’s Tavern’s 11th location and fourth in San Diego County.
NAPLES, FLA. — J.L. Wallace of Fort Myers, Fla., has finished work on a 12,900-square-foot CVS/pharmacy store located at 8831 Immokalee Road in Naples. Robert Reid Wedding Architects designed the property, which features a drive-thru area. Coastal Engineering Consultants also provided services.
SOMERS POINT, N.J. — Conshohocken, Pa.-based Soloff Realty & Development has acquired a 7,000-square-foot, freestanding retail property located in Somers Point. The building is net-leased to Advance Auto Parts. It is part of a three-pad retail development that also includes a CVS/pharmacy and a Wendy's. The seller was a locally based private trust.
SHIPPENSBURG, PA. — Marcus & Milllichap has completed the sale of a Lowe's Home Improvement Warehouse in Shippensburg for $17.55 million. The 171,069-square-foot store is located on 30 acres at 250 S. Conestoga Drive. It was built in 2008, at which time Lowe's signed a 22-year, triple-net lease for the property. The undisclosed buyer assumed a 22-year, self-amortizing loan at 7.2 percent with 20 percent down. Chris Rea, a vice president of investments with Marcus & Millichap, and Brian Munn of the firm's Atlanta office represented the seller. Jason Cropper of Marcus & Millichap's Little Rock, Ark., office represented the buyer. Spencer Yablon of Marcus & Millichap's Philadelphia office provided local representation.
NEW YORK CITY — Broad Street Development has announced plans to create a retail plaza at the street level of 55 Broadway in Downtown Manhattan. The glass-enclosed plaza will contain a total of 11,300 square feet of retail space, consisting of 4,900 square feet of ground-floor space and 6,400 square feet of mezzanine space. It will feature 30 feet of frontage along Broadway and will be complete by fall 2011. Robert K. Futterman Associates will be leasing the space. 55 Broadway is a 32-story office tower that totals more than 330,000 square feet of Class A space. It is currently more than 97 percent occupied.