Phil Vettel | Chicago Tribune | August 21, 2017
Fred’s Mobil Station, which served Winnetka motorists for decades, is about to become a filling station of another sort.
Joe Krouse, Robert LaPata and Fred Gale, the owners of Ten Mile House restaurant in Evanston, are putting the finishing touches to Fred’s Garage (574 Green Bay Road, Winnetka), aiming for a mid-September opening.
“Fred (LaPata) was really bummed,” Krouse joked. “He thought we were naming it after him.”
The partners have expanded the original building, which has been gutted. When finished, the restaurant will be “an homage to the service station,” sporting two working garage doors (for open-air dining) and a large outdoor space that mimics the look of a gas-station canopy.
Chicago, IL – After another banner year including four new hires and consummating some of the highest-profile restaurant deals in SVN history, the SVN Restaurant Resource Group expects activity will only pick up heading into the year.
One of the year’s most notable tenant rep transactions included an 8,300 SF lease negotiation on behalf of Terra & Vine, the latest concept from celebrity sommelier, Alpana Singh. Founding Restaurant Resource Group team member Jim Martin represented the tenant. The Italian/Mediterranean restaurant and event venue, which officially opened its doors 1701 Maple St in late September, represents one of the largest floorplates of any restaurant in the Evanston submarket.
Martin also advised sale and lease transactions for two new, yet currently undisclosed, restaurant concepts in Winnetka and Hubbard Woods.
On the product side, in one of Chicago’s largest downtown restaurant deals of 2017, SVN represented Chicago-based landlord The Hearn Company in a 10,000 SF space at 70 W Madison St. The space, formerly occupied by a Rosebud Italian restaurant, will now be home to a new concept from the owners of One North Kitchen & Bar.
Business sales were also up in 2016, as restaurant operators looked to reposition themselves amid widely-publicized changes in market trends, including consumer preferences moving towards fast-casual dining in lieu of traditional sit-down or fine-dining concepts. Disposition assignments included the sale of Analogue, Son of a Butcher, Circa57, The Arrogant Frog and Letizia’s Fiore.
SVN Managing Director, Michael Thanasouras remarks, “This is certainly a fast growing group within our Chicago office.” Thanasouras adds, “The folks in our firm who specialize in every other property type are able to leverage the Restaurant Resource Group’s expertise, and vise-versa. We see this as a trend not only locally, but regionally as well as nationally.”
“There’s absolutely no telling just how much activity we’ll see next year.” SVN Restaurant Resource Group’s Tim Rasmussen says. “It will be fascinating to see the landscape 12 months from now. I can’t recall a time, since perhaps the advent of the internet, where we anticipate so many changes in the restaurant industry. That said, there will be plenty of operators able to leverage to their advantage. We’re looking very forward to helping navigate uncharted waters.”
The SVN Restaurant Resource Group provides first-in-class services to clients in the food service and hospitality industry. Landlords, restaurant and nightclub operators, bakeries, caterers, hotels, food processors and manufacturers rely on the experience, local market knowledge, industry relationships, and technology advantages possessed by this highly-specialized team of commercial real estate professionals. SVN has over 200 offices throughout the US, Mexico, Russia and Canada.
Chicago, IL – Anticipating an influx of restaurant product to hit the market in 2017, the SVN Restaurant Resource Group has tapped four new advisors to work within the specialty practice. This represents a two-fold increase in personnel over the last calendar year.
“We are very excited about the depth of our bench and the expanded diversity of our backgrounds.” states founding team member Marcus Sullivan. “We all know the restaurant business, obviously, but now can tap Advisors with particular expertise that best correlate with specific, niche assignments.”
“We anticipate a large influx of restaurant space to hit the market in 2017 due to markets trending away from sit-down towards fast-casual.” says founding team member Jim Martin. “The extra bodies will ensure we’re prepared to help our clients adjust and take advantage of the shifts in the marketplace.”
Here’s a rundown of the Restaurant Resource Group’s recent talent acquisitions:
Scott Reinish brings eight years of commercial real estate experience, formerly an Associate with Chicago-based Kudan Group, Inc., specializing in restaurant/bar leasing and brokerage. Mr. Reinish has overseen a wide array of niche retail transactions including nightclub venues, restaurant concepts and business sales.
Christian Peppler joined SVN in 2015 after five years at Newmark Grubb Knight Frank specializing in retail and office tenant representation. In early 2016, Mr. Peppler began working alongside the Restaurant Resource Group, with a focus on mixed-use and retail properties situated in upscale retail corridors.
Tim Anderson joined SVN Restaurant Resource Group in December 2016, bringing ten years of food & beverage management experience. A native to Phoenix, AZ, Mr. Anderson has developed numerous restaurant concepts, while also overseeing business development, resort management and beverage consulting.
Shane Sackett recently completed a part-time internship with SVN, going on to earn his Real Estate Broker’s License and accepting a full-time position as Associate Advisor. Shane is responsible for business development, marketing and financial analysis. Mr. Sackett is currently a senior at DePaul University, with concentrations in Finance & Real Estate.