Archive for Restaurants

Mar
03

Sticky Fingers in Myrtle Beach Sold at 7.25% Cap Rate

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MB sticky fingersBen Yelm and Andrew Margulies of Marcus & Millichap of the Carolinas recently sold the 6,411 square foot Sticky Fingers restaurant  located at the Coastal Grand Mall in Myrtle Beach, SC. The property was sold to a 1031 Buyer from New Jersey with new financing arranged by Dave Restivo of Marcus & Millichap Capital Corporation. Multiple offers were generated on the property from local, regional, and national buyers. The area is experiencing tremendous growth and the MSA is one of the fastest growing in the nation.

The sales price was reportedly $3,241,000 ($505.54/SF), with the NOI reported at $235,000. This indicates a year 1 cap rate of 7.25%. There are 10.25 years remaining on the lease term and the lease is absolute NNN.

Sticky Fingers has twelve locations in SC, NC, FL and TN.

Categories : Myrtle Beach
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Mar
03

Fatz Cafe Sold at 7.75% Cap Rate

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irmo fatzBarbara Blitch of Complete Real Estate represented the Buyer, 7420 Broad River Rd LLC, in the purchase of the 5,960 square foot Fatz Cafe restaurant at 7420 Broad River Road in Columbia SC for $2,850,000. Chet Clontz of Clontz Commercial Properties represented the Seller. The building was built in 2003 and is on a 1.5 acre site.

According to Loopnet, the triple net lease expires July 1, 2030, and the net operating income is $220,995. This would indicate a 7.75% cap rate. The asking price was based upon a 7.5% cap rate.

The first Fatz Café opened in Spartanburg in 1988 and there are now 45 locations in four states.

SOURCE

Categories : Columbia
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Aug
19

Integra is Appraising Restaurants in SC, GA and NC

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I just ran some database numbers, and our Columbia and Greenville offices have appraised an average of two restaurants per month this year. These have included fee simple and leased fee interests, on both national and local restaurant operations. Operators have included Miyabis Japanese, Zaxby’s, Hardee’s, Bojangles, Carrabba’s, Dunkin Donuts and others.  The restaurants were located in South Carolina, North Carolina and Georgia.

Please let me know if we can assist with your restaurant appraisal needs.

Michael Dodds, MAI, CCIM

mdodds@irr.com

Categories : INTEGRA NEWS
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Aug
08

Boulder Group: NNN Quick Service Restaurant Report Released

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The Boulder Group’s Research Department has released a new research report providing comprehensive numbers and analysis of the activity in the National Net Lease Quick Service Restaurant (QSR) Market.

Highlights from the report are as follows:

  • QSR properties are commanding a 50 basis point premium over the retail net lease market
  • McDonald’s ground leases represent the lowest cap rates in the sector
  • Cap rates for corporately guaranteed properties are asking a 50 basis point premium over franchisee guaranteed properties

DOWNLOAD THE REPORT HERE

Categories : National News
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Mar
17

Sbarro to Close Four Stores in the Carolinas

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Still unable to generate enough dough, pizza chain Sbarro LLC is back in bankruptcy court protection looking to cut more costs. The Italian quick service and casual table dining restaurant chain operates 217 company-owned restaurants nationally and 582 franchised restaurants globally with annual revenues over $38 million.

As part of its latest restructuring efforts, Sbarro is looking to reject 183 store leases and has already moved out of the properties. Forty-six of the stores are leased to General Growth Properties; 27 to Simon Property Group, 20 to CBL & Associates, and 13 to Rouse Properties, with the remainder to various other landlords.

According to Fitch Ratings, the Sbarro bankruptcy does not portend a widespread increase in bankruptcies of U.S. restaurants, but rather is more an isolated example of a brand that had lost its competitive position and relevancy with consumers.

REVIEW LIST OF LOCATIONS HERE

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Jan
17

Rick Erwin Announces New Clemson Restaurant

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Rick Erwin has announced plans to open his fourth restaurant, and his  first restaurant venture in the Clemson market.

Construction of the 12,000 square foot mixed use building, which will include the ground floor restaurant, is scheduled to begin in March for a fall 2014 completion. Located at the corner of Thomas Green Blvd. and Market St. the building will anchor the Patrick Square Town Center along with Clemson University’s OLLI facility.

The Rick Erwin Dining Group has found tremendous success in downtown Greenville with the West End Grille, Nantucket Seafood and Deli & Market. Rick’s restaurants are known for a warm and inviting ambiance paired with spectacular food and extensive wine selection.

Patrick Square is the first community of its kind in the Clemson Area, a 173-acre traditional development that blends historical architecture and green building in a pedestrian friendly environment. At the heart of Patrick Square is the Town Center, which features a variety of shopping, dining, professional services and centers for learning. Everything is within an easy walk of a growing residential base that includes single-family, condominium and townhomes.

 

Categories : Clemson
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Dec
05

Investors Eating Up Fast Food Properties

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The appetite for fast food restaurants continues with sales of such properties on pace again this year to exceed more than $1.2 billion as they did last year. Those amounts top the combined totals for 2010 and 2011.

In the latest major acquisition, Centre Partners, a leading middle market private equity firm, acquired Captain D’s Holding Corp. a leading national chain of 521 seafood-themed fast-casual restaurants in 26 states. Terms of the private transaction were not disclosed.

Captain D’s senior management team will own a significant stake in the business and continue to serve in their current roles. The seller was Sun Capital Partners Inc.

In another notable set of deals that closed just before this past Thanksgiving, an entity affiliated with New York-based American Realty Capital Trust V Inc. purchased and leased back at least 18 Youngstown, OH and Cleveland-area Burger King restaurants for a total of $28.66 million, averaging $1.59 million per eatery.

READ MORE HERE

Categories : National News
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Nov
21

Ten New Restaurants for Columbia’s CBD

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Main Street is about to experience an unprecedented restaurant boom, spurred on by the promise of about 850 University of South Carolina students moving into the former Palmetto Center tower, which will triple the number of residents on the street.

Ten new restaurants – from Mediterranean and Ethiopian to Cajun and new Southern – have opened in the past month or will be opening soon.

The openings are building on the momentum for Main’s revitalization that started two years ago, when country-cool retailer Mast General Store opened in the former Lourie’s menswear building at the corner of Main and Taylor streets.

It seems, after decades of start-and-stop redevelopment efforts, Main Street finally has arrived. “Ten new restaurants is more than just good news, it’s mind blowing,” Columbia Mayor Steve Benjamin said.

READ MORE HERE

 

Categories : Columbia
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