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3940-University-Ave-Downtown-Riverside-Calif
CaliforniaInvestment salesNewsRestaurants

Progressive Brokers Sales Totaling $4.2 Million in Southern California

by Hayden Spiess

Downtown Riverside, Calif. — Progressive Real Estate Partners has brokered the sale of two adjacent single-tenant properties located in Downtown Riverside in separate deals totaling $4.2 million. The first property, 3940 University Ave., was acquired by an undisclosed buyer for $2 million in an all-cash transaction. Plant Power, a fast-casual restaurant with a drive-thru and patio, occupies the building. Richie’s Hot Chicken and Carlo’s Tijuana Tacos, which are leased and run by the same operator, occupy the second property at 3980 University Ave. An undisclosed buyer purchased the property for …

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LeasingNewsRestaurantsTexas

Kimco Negotiates Two Leases at Shops at Baybrook in Metro Houston

by Hayden Spiess

Webster, Texas — Kimco Realty has negotiated two leases with Kura Sushi, a technology-enabled Japanese restaurant, and specialty meat concept Wild Fork at The Shops at Baybrook. The center is under construction in the southeastern Houston suburb of Webster. Hannah Tosch, Wade Greene, Cody Persyn and Kimberly Lenardson of Colliers represented Kimco in the lease negotiations.

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IllinoisInvestment salesNewsRestaurants

Marcus & Millichap Arranges $6.6 Million Acquisition Financing for Retail Portfolio in Chicago Suburb

by Hayden Spiess

Orland Park, Ill. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants including Chipotle Mexican Grill, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender …

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Chick-fil-A-Lutz-Fla
FloridaInvestment salesNewsRestaurants

SRS Brokers $2.7 Million Sale of Restaurant Ground Leased to Chick-fil-A in Lutz, Florida

by Hayden Spiess

Lutz, Fla. — SRS Real Estate Partners has arranged the sale of a 4,854-square-foot, single-tenant retail building in Lutz, approximately 15 miles north of Tampa. Chick-fil-A occupies the property via a ground lease and plans to open next month. Patrick Nutt and William Wamble of SRS represented the seller, Ferber Development, in the $2.7 million transaction. A private Florida-based investor acquired the property, which is located at 17693 Harpers Run and is an outparcel to Cypress Ranch, a 164-acre mixed-use development project.

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perrys
IllinoisLeasingNewsRestaurants

Perry’s Steakhouse & Grille to Open Third Chicago-Area Restaurant

by Hayden Spiess

Vernon Hills, Ill. — Perry’s Restaurants, a Texas-based boutique restaurant group, is opening its third Chicago-area location. Perry’s Steakhouse & Grille is set to debut at Hawthorn Mall in Vernon Hills in late 2023. The 11,000-square-foot restaurant will include a main dining room and four private dining rooms. Chicago-based Aria Group Architects Inc. designed the Vernon Hills restaurant, which will accommodate up to 350 people. Perry’s also operates locations in Oak Brook and Schaumburg.

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West-Harbor-Los-Angeles-CA
CaliforniaDevelopmentFinanceNewsRestaurants

Parkview Financial Provides $35 Million Construction Financing for 42-Acre West Harbor Retail Project in Los Angeles

by Hayden Spiess

Los Angeles — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Scheduled for completion …

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Galley-Levee_Newport-Kentucky
DevelopmentKentuckyNewsRestaurants

North American Properties, Galley Group to Open Food Hall at Newport on the Levee in Kentucky

by Hayden Spiess

Newport, Ky. — North American Properties (NAP) has partnered with Galley Group, a Pittsburgh-based food hall operator, to open a new food hall and bar at Newport on the Levee, a mixed-use destination along the Ohio River in Newport. The 7,900-square-foot venue, dubbed The Galley on the Levee, will feature four restaurants and a signature bar that will be able to accommodate 200 patrons. Designed by Reztark Design Studio, the food hall will open onto Bridgeview Box Park, an open-air shipping container park that opened in 2020 as part of …

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KFC-Virginia-Beach-Va
ArizonaInvestment salesNet leaseNewsRestaurantsVirginia

Red Mountain Group Divests of Two Properties for $3.2 Million

by Hayden Spiess

Phoenix and Virginia Beach, Va. — Red Mountain Group has sold two single tenant net lease properties for a combined $3.2 million. Rolberto’s Tacos — a drive-thru restaurant located at Cave Creek Road in Phoenix — was sold to entities doing business as KDD63 LLC and Cave Creek DT LLC for $1.1 million. The other property, a Kentucky Fried Chicken in Virginia Beach, Virginia, was sold for $2.1 million to Hilda and Terrence McPherson. Red Mountain Group was represented by Kenneth James Realty in the first transaction and by The …

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Cherried-Mary's-Roswell-Ga
GeorgiaNewsRestaurants

Cherried Mary’s Opens 60-Seat Shop in Metro Atlanta

by Hayden Spiess

Roswell, Ga. — Cherried Mary’s Ice Cream Parlor has opened a storefront at 1075 Canton Street in Roswell, about 20 miles north of Atlanta. Designed with a vintage aesthetic, the parlor features space for up to 60 guests and serves menu items made in-house, including milkshakes, sundaes, banana splits, s’mores ice cream sandwiches and savory snacks. This location marks the first ice cream shop in the town, according to the owners, who also own breakfast and lunch spot Gracious Plenty.

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Magnolia-Village-Houston
DevelopmentLeasingMixed-useNewsRestaurantsTexas

Seven New Tenants Sign on to 60-Acre Development in Houston

by Hayden Spiess

Houston — Magnolia Village, a 60-acre mixed-use development currently under construction in Houston, will see the addition of seven new tenants to its 36-acre first phase. Gulf Coast Commercial Group Inc. has secured leases with Crust Pizza Co., Pacific Dental Services, Taco Bell, McDonald’s, Mister Car Wash, Sports Clips Haircuts and Nails of America. Danny Miller of Gulf Coast represented the landlord in all negotiations. Thomas Holdsworth of Ironbridge Realty Partners also represented the landlord in the agreements with Crust Pizza Co., Pacific Dental Services and Nails of America. Brett …

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