Batavia. Ill. — JLL Capital Markets has brokered the $2.5 million sale of a Raising Cane’s Chicken Fingers ground lease in Batavia within suburban Chicago. The 3,343-square-foot, single-tenant retail building sits on one acre at 1998 McKee St. Construction of the building was completed this year. Alex Sharrin and Alex Geanakos of JLL represented the seller, Kensington Development Partners. A family trust was the buyer. Raising Cane’s has more than 520 restaurants in 28 states.
Shopping Center Business and Southeast Real Estate Business hosted “Southeast Retail Investment Outlook — Will Retail Investment Activity Bounce Back in 2021?” A panel of retail experts covered topics like the lending atmosphere, impacts of e-commerce and tenant types likely to expand or contract. Buyer pool shifts, seller considerations in regards to timing and the outlook for grocery-anchored spaces are all reviewed and considered. Plus, how might the presidential and congressional elections alter investment activity in 2021 for the Southeast’s top retail markets? Register and listen to learn from a panel of retail professionals …
Santa Clara, Calif. — Despite shelter-in-place mandates and temporary closures due to COVID-19, Westfield US has opened 42 stores and restaurants this year at Westfield Valley Fair, a 2.2 million-square-foot Bay Area shopping and lifestyle destination located at 2855 Stevens Creek Blvd. in Santa Clara. Twenty-two of the new tenants have opened since March, with 15 new retail and restaurant leases signed and foot traffic increasing more than 10 percent week-over-week since the center reopened for retail operations in June. New tenants and milestones include: The completion of an expanded …
Newport Beach, Calif. — Chipotle Mexican Grill plans to launch a digital restaurant concept dubbed Chipotle Digital Kitchen. Customers will be required to order in advance via the Chipotle app, website or third-party delivery service; there will not be a dining area or line to order food. The Newport Beach-based restaurant chain says the footprint is designed for urban areas but will open its first location near West Point Academy in Highland Falls, New York, on Saturday, Nov. 14. The announcement of the restaurant opening comes on the heels of …
Chicago — McDonald’s Corp. has reported its third-quarter sales rose 4.6 percent year-over-year in the United States. The Chicago-based restaurant chain cited its utilization of delivery, digital orders and drive-thru to recover from its second-quarter sales dip. Globally, sales were still down on a year-over-year basis, dropping 2.2 percent in the third quarter, which ended Sept. 30. The chain’s total revenues were also down 2.2 percent from the third quarter of 2019. McDonald’s reported revenues reached $5.42 billion, which beat economists’ forecast of $5.4 billion. The revenues show a promising …
Louisville, Ky. — Yum Brands reported third-quarter revenue of $1.45 billion, up 8 percent from the same period a year ago. Taco Bell reported the highest positive year-over-year growth, recording $501 million in sales, a 2 percent increase from third-quarter 2019. Pizza Hut’s sales also grew, reaching $243 million, a 1 percent increase. Though KFC recorded the highest company sales total, reaching $583 million for the quarter, it was still a 4 percent decrease from the $609 million total recorded in the third quarter of 2019. Additionally, Louisville-based Yum Brands …
Seattle — Starbucks Coffee reports that global comparable-store sales fell 9 percent in the fiscal fourth quarter on a year-over-year basis, but the company’s performance still beat economists’ expectations. Total revenue for the Seattle-based coffee chain reached $6.2 billion in the fiscal fourth quarter, which ended Sept. 27. Economists had expected the total to be $6.06 billion. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China,” says Kevin Johnson, president and CEO of …
Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the …
St. Peters, Mo. — Pappy’s Smokehouse is the latest business to join the tenant roster at The Shoppes at Mid Rivers in the suburban St. Louis community of St. Peters. The 2,800-square-foot restaurant is expected to open by the end of October. This is the second location for Pappy’s, which serves signature dry-rubbed baby back ribs. GBT Realty Corp. owns The Shoppes at Mid Rivers, which opened in 2018 and is home to a mix of retailers such as Academy Sports, HomeGoods, Ulta, Marshalls and Outback Steakhouse.
Chicago — Cheba Hut will open its first Illinois location in Chicago’s Wicker Park on Monday, Oct. 19. The marijuana-themed sandwich shop is located at 1948 W. Division St. The “toasted” sub shop offers over 30 signature sub sandwiches, as well as a variety of treats, salads and munchies and a full-service bar. Drinks like the Dirty Hippie, Hot Box and Cheba Rita are all Cheba Hut signatures. The restaurant will enforce current COVID-19 guidelines, including heightened sanitation protocols, social distancing requirements and requiring all guests and staff to wear …
