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Punch Bowl Social Files for Chapter 11 Bankruptcy

by Alex Tostado

Denver — Punch Bowl Social has filed for voluntary Chapter 11 bankruptcy through the U.S. Bankruptcy Court for the District of Delaware. The Denver-based “eatertainment” concept has closed all but three of its locations due to the COVID-19 pandemic. The venues in Austin, Texas; Arlington, Virginia; and Atlanta remain open. In summer 2019, Cracker Barrel invested $140 million in Punch Bowl Social. According to multiple media reports, the restaurant chain chose during the pandemic to not invest any further in Punch Bowl Social, instead focusing on its own business.

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Investment salesNew YorkNewsRetailers

PEBB Enterprises, Sagamore Hill Partners Purchase 188,109-Square-Foot Shopping Center on Long Island

by Alex Tostado

Port Washington, N.Y. — PEBB Enterprises and Sagamore Hill Partners have purchased Soundview Marketplace, a 188,109-square-foot shopping center in Port Washington, for an undisclosed price. The property spans 11 acres and was 75 percent leased at the time to tenants including Target, T.J. Maxx, Walgreens, West Marine and Ace Hardware. Soundview Marketplace is located at 10 Shore Road, 27 miles northeast of New York City. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.

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Benderson Development Acquires 60,000-Square-Foot Retail Center in Huntsville, Alabama

by Alex Tostado

Huntsville, Ala. — Benderson Development has acquired The Pinnacle at Providence Publix, a 60,000-square-foot, Publix-anchored retail center in Huntsville. The property features 14,000 square feet of new retail space that is available for lease. The asset is situated at 1660 Old Monrovia Road NW, seven miles west of downtown Huntsville. The seller and sales price were not disclosed.

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Faris Lee Investments Brokers $5 Million Sale of Moulton Parkway Auto Spa in Orange County, California

by Alex Tostado

Laguna Hills, Calif. — Faris Lee Investments has arranged the sale of Moulton Parkway Auto Spa, a full-service car wash and gas station located in Laguna Hills. The retail property is located at the intersection of El Toro Road and Moulton Parkway. A Newport Beach, California-based seller sold the asset to an undisclosed buyer for $5 million. Moulton Parkway Auto Spa is the only full-service hand car wash in Laguna Hills. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the seller in the deal.

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Hanley Investment Group Negotiates $3.4 Million Sale of Two 7-Eleven Properties in California

by Alex Tostado

Santa Maria and Fresno, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sales of two retail assets located in Santa Maria and Fresno. The total price for the two transactions was $3.4 million. Located at 1104 S. Blosser Road in Santa Maria, 7-Eleven fully occupies the 2,413-square-foot property. The building was built in 1974. Hermosa Beach-based Equitas Investments sold the asset to a private investor from Fowler for $1.6 million. Jeremy McChesney of Hanley Investment represented the seller, while Luc Hawkshaw of Apex Partners represented the buyer …

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CaliforniaInvestment salesNewsRestaurants

Chase Partners Sells Chipotlane Property in Northern California for $3.2 Million

by Alex Tostado

Lathrop, Calif. — Chase Partners has sold a new Chipotlane drive-thru property in Lathrop in California’s San Joaquin Valley for $3.2 million. The 2,323-square-foot property was delivered earlier this year at 16542 Golden Valley Parkway. Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the Glendale, California-based seller in the transaction. Kurt Bruggeman of Lee & Associates represented the buyer an Orange County, California-based private investor. Chipotlane is the new concept from Chipotle Mexican Grill that allows customers to order on the restaurant’s app and pick …

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Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Alex Tostado

Westlake Village, Calif. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects …

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SRS Arranges $4.2 Million Ground Lease Sale of Wawa-Occupied Gas Station in Orlando

by Alex Tostado

Orlando, Fla. — SRS Real Estate Partners has arranged the $4.2 million ground lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL represented the …

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Company newsFloridaNewsRestaurants

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

by Alex Tostado

Orlando, Fla. — Darden Restaurants Inc. has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 …

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SRS Brokers $10.2 Million Sale of Shopping Center Near Atlanta

by Alex Tostado

Newnan, Ga. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Hackney Real Estate Partners acquired the asset.

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