Hanley Investment Group Arranges $3.2 Million Sale of Brand-New Single-Tenant Café Rio Restaurant with Drive-Thru in Salt Lake City, UT

Cafe Rio, Sugar House District, Salt Lake City, UT

SALT LAKE CITY, UT - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, has arranged the sale of a brand-new single-tenant Café Rio restaurant, a high-growth, fast-casual Mexican restaurant based in Salt Lake City with over 100 locations.

Hanley Investment Group Executive Vice President Jeremy McChesney and Associate Dylan Mallory represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area and the seller was a private investor based in Salt Lake City. 

Jeremy McChesney

The building, a renovated Carl’s Jr. property with a drive-thru, is located in Salt Lake City’s Sugar House District. 

The sale price was $3.2 million. 

“Café Rio is an extremely popular restaurant and has a very strong following in the Salt Lake area,” said McChesney. 

“This particular site is one of the few locations with a drive-thru. The restaurant’s mantra is ‘fresh food, made fresh.’ No freezers. No microwaves. Nothing is premade. The food is delicious.”

According to McChesney, “This transaction is another example of California buyers going out-of-state to achieve a better yield on their investment. Single-tenant net-leased retail investments in major metros around the country continue to be in high demand.”

“Sugar House is a historic and well-known neighborhood in Salt Lake City and is a retail and entertainment hub for the area,” said Mallory.

“Located 3.5 miles from downtown Salt Lake City, there are two major shopping centers in the Sugar House District, generating strong retail synergy with multiple national tenants including Chick-fil-A, Whole Foods, CVS/pharmacy, Nordstrom Rack, Bed Bath and Beyond, Petco and others.

Dylan Mallory

"In addition to the strong retail presence, there are over 310,000 people with an average household income in excess of $78,000 in a five-mile radius of the property.”

Mallory added, “Although Café Rio is not as well-known as some of the major national QSR’s concepts, this sale represents an aggressive price due to the irreplaceable real estate fundamentals of the property.”

Founded in 1997 and headquartered in Salt Lake City, Utah, Cafe Rio specializes in serving the highest quality, made-from-scratch meals, using only the freshest ingredients. Its authentic dishes are inspired by recipes and traditional cooking found in Northern Mexico’s Rio Grande region, Southern Texas and New Mexico. Cafe Rio operates over 100 restaurants in eleven states, primarily across the western United States.
 

Contact:

Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com 

830.997.0963

www.hanleyinvestment.com.

NAIOP South Florida presents Signature Speaker Series featuring Richard Florida

NAIOP South Florida Executive Director Jules R. Morgan, Richard Florida and NAIOP South Florida Board of Directors President Heidi Davis Knapik of Gunster                 (All photos courtesy of NAIOP South Florida)

FORT LAUDERDALE, FL (Oct. 9, 2018) – NAIOP South Florida, a Commercial Real Estate Development Organization, recently presented its Signature Speaker Series featuring world-renowned urbanist, author and thought leader Richard Florida.

The sold-out event brought together the leaders of South Florida’s commercial real estate and urban planning industries for a talk on the future of the region.

“Our second annual Signature Speaker Series was a huge success thanks to Richard Florida, whose commentary on the changing urban landscape across South Florida and the nation proved insightful and engaging to our attendees,” said NAIOP South Florida Executive Director Jules R. Morgan. 

“We look forward to seeing what comes out of his partnership with Florida International University, where he is overseeing the FIU Creative City Initiative and the Miami Urban Future Initiative.”

 NAIOP Corporate Vice President for Membership and Chapter Relations Diana Tucker, CBRE First Vice President Michael Silver

In addition to serving as a visiting fellow at FIU, Richard Florida serves as Director of Cities of the Martin Prosperity Institute at the University of Toronto and a distinguished fellow at New York University’s Schack Institute of Real Estate.

He is an award-winning author of The Rise of the Creative Class and The New Urban Crisis, which detail the impact and scope of his “Creative Class” theory.

Florida posits that changes in urbanization and shifts in society can be attributed to the Creative Class, a group of 40 million Americans, more than a third of the American workforce, whose work is educated, creative and innovative.

Steve Forbes

NAIOP South Florida’s annual Signature Speaker Series brings successful, knowledgeable and nationally acclaimed speakers to share insights with a diverse membership of real estate professionals and developers. Featuring speakers such as Richard Florida and Steve Forbes, the Signature Speaker Series elevates the conversation and caliber of the chapter’s programming.

Event sponsors included Grover Corlew, Marcus & Millichap, Risk Strategies, Avison Young and Gunster.

NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. It provides strong advocacy, education and business opportunities by connecting members in a powerful North American network.

Contact:

Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com

The Preiss Company Announces Grand Opening of The Eastern on 10th Student Housing in Greenville, N.C.

  

Donna Preiss

GREENVILLE, NC, Oct. 9, 2018—Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the opening of the recently completed 425-bed student housing complex The Eastern on 10^th in Greenville, N.C.  

Located at 2301 E. 10^th Street in downtown Greenville, the three-building complex sits atop 10.13 acres and is less than one mile from East Carolina University (ECU). 

The ground-up development, featuring a variety of one-, two- and three-bedroom units, incorporates the student lifestyle with Bohemian vibes to provide students with the finest academic living arrangements available to the campus.  TPCO will manage the property.

Susan Folckemer

“With our corporate headquarters in Raleigh and an additional 23 student housing complexes in North Carolina, we clearly have very deep roots in the state,” said Donna Preiss, founder and CEO, TPCO. 

 “This concentration allows for a number of benefits to both students and TPCO as a whole.  All our properties share best practices and shared economies of scale, and one obviously gains the best knowledge from players already active in a marketplace.  

"We will use our vast wealth of local, regional and statewide insight to ensure The Eastern on 10^th takes and maintains its rightful place as the student accommodations of choice for area students.”

East Carolina University, Greenville, NC

      “While typically known for our acquisitions and rehab projects, we continue to seek development opportunities where we see room for improved student accommodations beyond what the market currently provides,” stated Susan Folckemer, chief acquisition and development officer. 

 “With the addition of The Eastern on 10^th, we currently manage more than 3,342 beds in the ECU market.  TPCO enjoys a strong market presence in key locations throughout the city and state, and we continue to seek additional growth opportunities to expand our presence serving the North Carolinian student body.” 

                                                                       

CONTACTS: 

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com

Amy Barger,

Vice President of Public Relations

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

 

www.tpco.com.

Marcus & Millichap Brokers $3.97 Million Sale of 29-Unit Villa La Pinta Apartments in Miami, FL

Villa La Pinta Apartments, 501 Southwest 6th Court, Miami, FL

Alex D. Zylberglait

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Villa La Pinta Apartments, a 29-unit apartment property located in Miami, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. 

The asset sold for $3,975,000.

Alex D. Zylberglait and Javier A. Ubeda, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Argentina.  

Villa La Pinta Apartments is located at 501 SW 6th Court in Miami, FL.  The building is 100% occupied and minutes away from the Brickell area. Recent major renovations have been completed and there is currently a transient license in place which allows for short term rentals.

Javier A. Ubeda

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.

 Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. 

Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. 

To learn more, please visit: www.MarcusMillichap.com

  

CONTACT: 

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com

Heather Groff Promoted to Director of Interior Architecture and Design at Ware Malcomb's New York Office

Heather Groff

NEW YORK, NY (Oct. 9, 2018) – Ware Malcomb, an award-winning international design firm, today announced Heather Groff has been promoted to Director of Interior Architecture & Design in the New York office. 

In this position, Groff is responsible for the overall management of the New York office, and leads the Interior Architecture & Design Studio. 

Groff brings over 20 years of interior architecture and design experience to her role at Ware Malcomb, 12 of which have been in the New York market. 

Bill Sotomayor

She joined Ware Malcomb’s New York office as Studio Manager, Interior Architecture & Design during its inaugural year in 2014. 

Since then, she has taken a leading role in the regionalization of the firm’s New York and New Jersey offices while utilizing her interior design expertise in projects across the region. 

Her experience spans various market sectors including corporate office, retail, and education projects, giving her an in-depth knowledge of space planning, furnishing, material, lighting, and accessories selection and graphics. Groff has also played a key role in developing Ware Malcomb’s Workplace Strategy practice. 

“Heather has been with Ware Malcomb since the opening of our New York office in 2014, and since that time she has helped guide the growth of the office while elevating the design quality of the entire region,” said Bill Sotomayor, Regional Director. 

Michael Bennett

“Heather is highly skilled at taking client objectives and translating them into tailored design concepts that capture both big-picture vision and crucial details.

" I am confident that Heather’s talent and leadership skills will help guide the future success of the New York office,” added Michael Bennett, Principal. 

Select Ware Malcomb interiors projects in the region include: serving as Architect of Record for the new spa and retail boutique for French beauty brand Caudalie in the Meatpacking District; providing interior architecture and design services for NCM’s new 13,000 square foot office at One Grand Central Place; a 10,000 square foot office for Bionic at 4 Columbus Circle; and a 66,000 square foot creative office for L’Oréal in Clark, New Jersey. 

Groff holds a Bachelor of Science degree in Interior Design from Wentworth Institute of Technology. 

She is a LEED Accredited Professional, National Council for Interior Design Qualification (NCIDQ) Certified, and has received Evidence-Based Design Accreditation and Certification (EDAC). 

She is a member of CoreNet NY and the International Facility Management Association, and has served on the board of directors for IIDA’s New York Chapter. 

CONTACTS:

Rachel Reenders

VP Public Relations, KCOMM for Ware Malcomb

rachel@kcomm.com

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

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