A local investor has scooped up a Zoes Kitchen net-leased property in North Dallas as the restaurant industry buzzes about the chain's pending $300 million sale.
FSH Glory Enterprises LLC has purchased a 2,909-sf freestanding restaurant with a drive-thru lane on 0.45 acres at 222 W. Campbell Rd. in Richardson. Zoes Kitchen has 15 years remaining on its triple net lease.
"It's one of the few single-tenant properties with a drive-thru component that could be available in this neighborhood for the foreseeable future. We are confident it could be easily backfilled if the tenant would ever vacate," says Kyle Espie, senior associate of Dallas-based Bradford Commercial Real Estate Services, who represented the buyer.
The publicly traded Zoes Kitchen is poised to be bought by Cava Group Inc., which reportedly is financing the acquisition through an investment group led by restaurant industry veteran, Ron Shaich, founder and former CEO of Panera Bread. If the deal closes as planned, Washington, D.C.-based Cava would become the dominant player in the Mediterranean-style restaurant segment. Zoes Kitchen, headquartered in Plano, Texas, has 203 locations in 17 states.
In a 60-day spin, FSH Glory Enterprises has closed on a property close to Central Expressway and surrounded by hotels, restaurants and retail, primarily national brands. "The neighboring tenants are nationally recognized names that validate the success of this location," Espie says. "They are a good complement for Zoes Kitchen."
Alvin Mansour and Kevin Mansour of Marcus & Millichap Real Estate Services represented the seller, Scholer ZK Dallas LLC. The building was completed in 2011 and underwent a full trade dress in 2013 for Zoes Kitchen.
NORTH TEXAS SALE
FSH Glory Enterprises LLC has purchased a 2,909-sf net-leased freestanding restaurant on 0.45 acres at 222 W. Campbell Rd., Richardson, from Scholer ZK Dallas LLC. Kyle Espie, senior associate of Bradford Commercial Real Estate Services, represented the buyer. Alvin Mansour and Kevin Mansour of Marcus & Millichap Real Estate Services represented the seller.
NORTH TEXAS LEASES
Progressive Packaging Inc. has renewed 25,260 sf of industrial flex space in Marsh Business Park West, 1050 Venture Court, Carrollton. Brock Wilson, senior vice president and managing partner of Bradford Commercial Real Estate Services; Joe Santaularia, first vice president; and Susan Singer, executive vice president, represented the landlord, NWP TX TT LLC. Adam Curran of Cushman & Wakefield of Texas Inc. represented the tenant.
East Texas Testing Laboratory Inc. has renewed 7,920 sf of office-showroom space at 2000 E. Randol Mill Rd., Arlington. Jim Ferris, vice president of Bradford Commercial Real Estate Services, represented the landlord, JW Management Co., in the direct deal.
Swap 'n Grill LLC, dba Propane Doctor, has renewed 7,320 sf of industrial space at 9210 Sovereign Row, Dallas. Brock Wilson, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Joe Santaularia, first vice president, represented the landlord, Terra Management Ltd. XXX of TexasGlobal Capital Real Estate LLC represented the tenant.
Armored Auto Group Inc. has leased 6,490 sf of flex space at 2447 Merritt Dr., Garland, from Merritt Dallas Properties. Brian Pafford and Michael Grant, senior vice presidents and managing partners of Bradford Commercial Real Estate Services; and Jason Finch, associate, represented the landlord. Harrison Burt of JLL represented the tenant.
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.
