06 Aug 2018

Signature Restaurant Deals Inked in Orange and Riverside Counties

Tustin, CA  ̶  Coreland Companies is pleased to announce two signature deals recently executed in Orange and Riverside counties.

Taco-BellA Taco Bell franchise partner has ground leased approximately 15,463 square feet at W. Lincoln and Westchester Avenue in Anaheim for a 1,649-square-foot drive-thru development. The land, acquired by the ownership group of Lincoln Avenue Shopping Center, was a long-time vacant parcel adjacent to the shopping center on Lincoln Avenue and Westchester Drive.

Coreland Vice President Ben Terry represented the landlord, while Townsand Cropsey of SRS represented the Tenant.

“Two years in the making, this deal took creativity and cooperation on behalf of the Tenant, Landlord and City,” shared Terry. “We are pleased with the deal as many developers had tried unsuccessfully in the past to activate this undersized corner. Taco Bell gets a great corner and Anaheim gets rid of a long-time eyesore on Lincoln Avenue.”

Black-Bear-DinerIn Riverside County, Black Bear Diner has leased 6,500 square feet off Interstate 15 in Murrieta. The family dining restaurant replaces an original Carrow’s stand-alone building under family ownership. Black Bear Diner has over 116 locations in 10 states and expects to open six restaurants in the Inland Empire over the next six years.

Coreland Senior Vice President Matt Hammond and Associate Chris Premac represented the landlord in the transaction. Tim McMahon and Justin McMahon of CBRE represented the Tenant.

“It is a competitive marketplace for sit-down restaurant space given the amount of availabilities on the market and very select group of expanding restaurants of this size,” said Hammond. “Black Bear Diners is one of the few restaurants that delivers equally across all three meals, breakfast, lunch, and dinner, so the City of Murrieta is very excited to welcome them into the community.”

 

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