Restaurants

North American Properties, Politan Group to Open New Food Hall at Forum Peachtree Corners in Metro Atlanta

by Hayden Spiess July 25, 2023

Peachtree Corners, Ga. —North American Properties (NAP) has partnered with Politan Group to open a 10,000-square-foot food hall at The Forum Peachtree Corners, a mixed-use redevelopment in metro Atlanta. Scheduled to open in summer 2024, Politan Row at The Forum marks the second food hall for the partnership, following the opening of Politan Row at Colony Square in Midtown Atlanta two years ago. Bell-Butler is designing the food hall, which will feature space for seven independent food-and-beverage concepts, a bar, private event venue and an outdoor patio fronting the greenspace.

July 25, 2023

California Investment sales News Restaurants

CBRE Brokers $23.5 Million Sale of Three Restaurant Properties in Carlsbad, California

by Hayden Spiess July 24, 2023

Carlsbad, Calif. — CBRE has brokered the $23.5 million sale of three restaurant properties located in Carlsbad. Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni and Eric Shain of CBRE represented the seller, CPT/SC Title Holding Corp., in the disposition of the properties to separate buyers. Creekside Shops LLC purchased a 10,262-square-foot building leased to King’s Fish House at 5625 Paseo Del Norte for $10.3 million. An undisclosed buyer purchased a 7,166-square-foot P.F Chang’s located at 5621 Paseo Del Norte for $5.7 million. K Ishii Manhattan Ave LLC acquired a 10,470-square-foot BJ’s Restaurant …

July 24, 2023

Leasing News Restaurants Texas

Two Tenants Sign Leases Totaling 3,768 Square Feet at LaCenterra at Cinco Ranch in Texas

by Hayden Spiess July 21, 2023

Katy, Texas — Two tenants have signed leases at LaCenterra at Cinco Ranch, a shopping center located in Katy. Kilwin’s, a sweets shop, will occupy a 1,014-square-foot space at the property beginning in the fourth quarter of this year. Nando’s will also open a 2,754-square-foot restaurant at the center in the first quarter of 2024. JLL manages the property.

July 21, 2023

Georgia Investment sales News Restaurants

Marcus & Millichap Brokers $3.3 Million Sale of Single-Tenant Property in LaGrange, Georgia

by Hayden Spiess July 19, 2023

LaGrange, Ga. —Marcus & Millichap has brokered the $3.3 million sale of a newly constructed single-tenant property in LaGrange. Chick-fil-A occupies the 5,000-square-foot property, which is as an outparcel to a new Publix-anchored shopping center, on a 15-year ground lease. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the undisclosed seller in the transaction.

July 19, 2023

Leasing New Jersey News Restaurants

First Watch to Open 3,846-Square-Foot Restaurant in Brick Township, New Jersey

by Hayden Spiess July 19, 2023

Brick Township, N.J. — First Watch will open a 3,846-square-foot restaurant in Brick Township. Scheduled to open in 2024, the property will be situated on a pad site within Brick Commons, a 278,145-square-foot retail center. Amy Staats and Hugh Scullin of Katz & Associates represented the tenant in the leasing negotiations.

July 19, 2023

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High Bluff Capital to Acquire 81-Restaurant Hardee’s Portfolio

by Hayden Spiess July 18, 2023

San Diego — High Bluff Capital Partners will assume ownership of a portfolio comprising 81 Hardee’s locations following an auction. Located in Alabama, Florida, Georgia, Kansas, Missouri, Montana, South Carolina and Wyoming, the restaurants were previously owned by franchisee Summit Restaurant Group, which filed for Chapter 11 bankruptcy in May of this year. The transaction is expected to close in August. Dave Dixon will oversee operation of the restaurants. “High Bluff is the ideal partner to support our efforts…while making critical investments in restaurant remodels and other initiatives to boost traffic …

July 18, 2023

Development Leasing Mixed-use New York News Restaurants

SAGA to Open 7,000-Square-Foot Restaurant at 360 Park Avenue South in New York City

by Hayden Spiess July 18, 2023

New York City — SAGA Hospitality Group will open a 7,000-square-foot restaurant at 360 Park Avenue, a 450,000-square-foot office property in New York City. BXP, which acquired the building in December 2021, is the landlord. Upon opening, the concept will offer coffee and pastries throughout the day and seafood dishes at night.

July 18, 2023

California Development Leasing News Restaurants

Oath Pizza to Open 799-Square-Foot Restaurant in El Segundo, California

by Hayden Spiess July 13, 2023

El Segundo, Calif. — Oath Pizza will open a 799-square-foot restaurant within The Works shopping center in El Segundo. Scheduled to open Aug. 5, the location will mark the first in the state for the brand, which was founded in 2015. The El Segundo restaurant is the first of three locations to be developed in California by franchise group Brothers Empire. Brothers, comprised of partners Mandeep Singh, Kulwant Jafal and Garish Talwar, is also considering storefronts in Orange County and Carlsbad.

July 13, 2023

Investment sales Net lease New Mexico News Restaurants

Hanley Brokers Sale of 3,331-Square-Foot Single-Tenant Property in Albuquerque, New Mexico

by Hayden Spiess July 11, 2023

Albuquerque, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot single-tenant retail property located in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.

July 11, 2023

Company news Delaware Indiana Investment sales Kentucky Maryland Michigan New York News Ohio Pennsylvania Restaurants Virginia

Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess July 6, 2023

New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL.

July 6, 2023

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