Restaurants

Faris Lee Arranges Sale of Two Ground Leases Totaling $6.5 Million

by Alex Tostado August 25, 2020

Irvine, Calif. — Faris Lee Investments has arranged two ground leases for $6.5 million. The first deal was for a Starbucks Coffee in Riverside, California. A private developer based in Idaho sold the ground lease for $4.3 million to an undisclosed buyer. Starbucks occupies the space with a new 20-year lease, which includes three 10-year extension options. The property is located at 1303 University Ave., near the University of California-Riverside. Don MacLellan, Rick Chichester and Phil Ramming of Irvine-based Faris Lee, along with Cypress Retail Group, represented the seller in …

August 25, 2020

From The Magazine Restaurants

Jersey Mike’s Sandwich Chain Invests in Delivery, Pick-Up

by Alex Tostado August 18, 2020

During the business lull caused by the outbreak of COVID-19, fast casual sandwich chain Jersey Mike’s made news by rolling out a $150 million nationwide retrofit project for its stores. The project will include aesthetic and comfortability upgrades for 1,700 franchise stores, as well as expanded functionality for delivery and pick-up services — all paid for by the company. “Paying for the retrofits ourselves is a tactical move on our part,” says Peter Cancro, CEO of Jersey Mike’s. “Whenever you put money in your business, it always comes back. It’s …

August 18, 2020

California Company news Investment sales News Restaurants

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25 Million

by Alex Tostado August 14, 2020

Los Angeles — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose …

August 14, 2020

Arizona Investment sales Net lease News Restaurants

SRS Brokers $3.3 Million Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

by Alex Tostado August 10, 2020

Scottsdale, Ariz. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million. Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris Stamets and Brian Gausden of Western Retail Advisors, represented the seller in the deal.

August 10, 2020

Investment sales Net lease News Restaurants Virginia

SRS Arranges $1.8 Million Sale of Property Triple-Net Leased to Chick-fil-A in Fredericksburg, Virginia

by Alex Tostado August 3, 2020

Fredericksburg, Va. — SRS Real Estate Partners has arranged the $1.8 million sale of a property triple-net leased to Chick-fil-A in Fredericksburg. Chick-fil-A has occupied the 3,781-square-foot property for 20 years and recently extended its corporate-guaranteed lease for another five years. The asset is situated at 4220 Plank Road, five miles west of downtown Fredericksburg. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also not disclosed.

August 3, 2020

Company news News Restaurants Washington

Starbucks Reports 96 Percent of Locations Open, 130 Net New Stores Despite Significant Sales Drop in Third Quarter

by Alex Tostado July 31, 2020

Seattle — Seattle-based Starbucks Corp. (NASDAQ: SBUX) reported that the company’s U.S. comparable store sales declined 40 percent, with comparable transactions down 52 percent through its 13-week fiscal third quarter ending June 28. Additionally, the company reported a consolidated net revenue of $4.2 billion, representing a 38 percent decline from last year primarily due to lost sales related to the COVID-19 outbreak. Despite decreased sales and a decline in net revenue, Starbucks opened 130 net new stores in the third quarter, resulting in 5 percent year-over-year unit growth and ending …

July 31, 2020

Company news Massachusetts News Restaurants

Dunkin’ Reports 20 Percent Revenue Decrease in Second Quarter, Will Close 350 Stores

by Alex Tostado July 31, 2020

Canton, Mass. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25.

July 31, 2020

Company news Illinois News Restaurants

McDonald’s Reports 30 Percent Drop in Second-Quarter Revenue

by Alex Tostado July 29, 2020

Chicago — McDonald’s Corp. has reported a 30 percent decrease in its consolidated revenue for the second quarter that ended June 30. The global fast-food chain reported second-quarter net income of $483.8 million, compared with $1.5 billion for the same period a year ago. Chicago-based McDonald’s says it spent more than $200 million on marketing support to accelerate recovery from coronavirus losses. In the United States, 99 percent of McDonald’s restaurants were open as of June 30. About 2,000 dining rooms reopened with reduced seating capacity following temporary closures as …

July 29, 2020

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Webinar: South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?

by Sarah Daniels July 27, 2020

Last week, Shopping Center Business and Southeast Real Estate Business hosted “South Florida Retail Outlook: What is the Impact of COVID-19 on South Florida’s Retail Sector?” Listen as a panel of retail experts discusses their gameplans: how they are working with tenants and their employees as the industry seeks to adapt. Hear about attitudes towards loans, rent reductions, property value, next steps and more. See a list of some topics covered and their timestamps below: (07:00): How are restaurants and experiential tenants faring? (09:29) Adapting for the challenges of COVID-19 (17:28) Retail …

July 27, 2020

Florida News Restaurants Retailers

Skanska USA Completes $92 Million Renovation of St. Petersburg Pier, Adds New Shops and Restaurants

by Alex Tostado July 20, 2020

St. Petersburg, Fla. — Skanska USA has completed a $92 million renovation of the historic St. Petersburg Pier on behalf of the City of St. Petersburg. The 26-acre area now includes 44,000 square feet of retail and restaurant space, including the St. Pete Museum of History and Tampa Bay Watch Discovery Center. Other tenants include The Driftwood Café; Doc Ford’s Rum Bar & Grille; Spa Beach Bistro; Teak, a waterfront restaurant; and Pier Teaki, a rooftop bar. The five-story Pierhead building includes shops and a fishing platform. The pier area …

July 20, 2020

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