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KFC
CaliforniaLeasingNewsRestaurants

Progressive Arranges 3,273-Square-Foot Lease in Southern California

by Hayden Spiess

Ontario, Calif. — Progressive Real Estate Partners has arranged a 3,273-square-foot lease in Ontario. Albert Lopez of Progressive represented the landlord in the leasing negotiations. KFC will occupy the single-tenant property on a 15-year ground lease. KFC has begun renovations to the property and is scheduled to open by mid-2024. Charlie Cangelosi of Irish Commercial represented the tenant in negotiations. Restaurant Brands, which operates more than 70 KFC venues in Southern California, is the franchisee. 

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Pearls
IllinoisInvestment salesNewsRestaurants

SVN Brokers $1 Million Sale of Retail Building in Chicago

by Hayden Spiess

Chicago — SVN Chicago Commercial has brokered the $1 million sale of a 5,000-square-foot retail building in Chicago’s Edgewater neighborhood, along with the business sale of the ground-floor restaurant. A local restaurant buyer purchased the building. Marcus Sullivan and Tim Rasmussen of SVN represented the undisclosed seller. Pearl’s formerly occupied the restaurant space. 

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Theo's-Italian_Plainfield-Ind
IndianaLeasingNewsRestaurants

Theo’s Italian to Open 6,118-Square-Foot Restaurant in Metro Indianapolis

by Hayden Spiess

Plainfield, Ind. — Theo’s Italian will open a 6,118-square-foot restaurant at The Shops at Perry Crossing, a shopping center located in Plainfield, roughly 18 miles outside Indianapolis. Scheduled to open this month, Theo’s marks the third food-and-beverage concept by Cunningham Restaurant Group at the property, joining Bru Burger Bar and Stone Creek Dining Co. JLL manages the center. 

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Echo-Street-West_Atlanta
DevelopmentGeorgiaLeasingMixed-useNewsRestaurants

Lincoln Property Co. Signs Three Restaurants to Echo Street West Mixed-Use Project in Atlanta

by Hayden Spiess

Atlanta — Lincoln Property Co. has signed three restaurants to Echo Street West, its 19-acre mixed-use project currently underway in Atlanta’s Westside. Food-and-beverage concepts El Gordo Taqueria by Fuego Tortilla, Fresh Squeezed Mini Bar and Le Macaron will occupy 2,430; 1,917; and 895 square feet, respectively. Situated on The Atlanta Beltline Westside Connector, Echo Street West is being constructed in phases, with the initial development comprising 300,000 square feet of creative office space; 50,000 square feet of retail space; 292 residential units; and 3.4 acres of outdoor entertainment and greenspace. Plans …

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FloridaInvestment salesNet leaseNewsRestaurants

SRS Brokers $4.6 Million Sale of Restaurant Building in Jacksonville, Florida

by Hayden Spiess

Jacksonville, Fla. — SRS Real Estate Partners has brokered the $4.6 million sale of a 3,937-square-foot restaurant building located in Jacksonville. Panera Bread occupies the property, which was constructed earlier this year as an outparcel to Oakleaf Town Center. The 15-year, triple-net lease features scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller in the transaction. 

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Church-Street-Market_Orlando-Fla
FloridaLeasingNewsRestaurants

Five Tenants Sign Leases Totaling 25,000 Square Feet at Church Street Market in Orlando, Florida

by Hayden Spiess

Orlando, Fla. — Five tenants have signed 10-year leases at The Church Street Market, the 72,000-square-foot retail space at 55 West, an apartment tower located in downtown Orlando. Restaurants Birria 1983, The Bao Spot and BluWave Sushi will occupy 3,800; 2,100; and 3,000 square feet, respectively. Additionally, SAK Comedy Lab will lease 7,200 square feet, and Luxe Med Spa will open a 3,800-square-foot spa at the property. The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy. Aaron Dan and Kathy Bonini of Lincoln Property …

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Starling_Nashville
LeasingNewsRestaurantsTennessee

Portman Adds Retrograde Coffee, Social Cantina to Starling Apartment Tower Underway in Nashville

by Hayden Spiess

Nashville, Tenn. —Portman has signed two new food-and-beverage tenants to the 17,000-square-foot commercial space at Starling, an apartment tower currently under development in Nashville. The new tenants include Retrograde Coffee, a neighborhood coffee shop, and Social Cantina, a modern Mexican restaurant and tequila bar. The coffee shop will be the first café to front the Cumberland River Greenway, which Portman is expanding to connect directly to Starling tower. The Social Cantina location will feature an outdoor patio.

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Miami-Worldcenter_Miami-Fla
DevelopmentFloridaLeasingMixed-useNewsRestaurants

Four Restaurants to Open at $6 Billion Miami Worldcenter Development in Florida

by Hayden Spiess

Miami, Fla. — Four restaurants will join the food-and-beverage lineup at Miami Worldcenter, a 27-acre, $6 billion mixed-use development currently underway in Miami. Serafina and Sixty Vines will lease 8,176 square feet and 8,672 square feet, respectively. NDM Hospitality Services will also open a dual-concept venue featuring BurgerFi and Anthony’s Coal Fired Pizza & Wings. Together, the two restaurants will occupy 3,835 square feet of space. Each of the restaurants is scheduled to open next year. CIM Group and The Comras Co. lead retail leasing efforts at the project. 

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Subway
Company newsConnecticutInvestment salesNewsRestaurants

Roark Capital Agrees to Acquire Subway Restaurant Chain

by Hayden Spiess

Milford, Conn. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales …

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