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Restaurant space for lease in dc gets new tenant

Restaurant Space for Lease in DC

The owner of Sakerum, the 14th Street restaurant and bar that combines Latin and Asian cuisines, has a second project in the works: Tokyo Pearl Gastropub in Dupont Circle. 

Owner Stephanos Andreou has signed a lease for 2,000 square feet at 1301 Connecticut Ave. NW, confirms Alex Walker of Miller Walker Retail Real Estate, which represented the landlord in the transaction. Nick Papadopoulos of Papadopoulos Properties represented the tenant. 

Tokyo Pearl will serve sushi and cocktails in the space formerly occupied by Avenue Jack, a men’s clothing boutique. 

“…Sakerum made a name for itself when it opened with its over-the-top cocktails that incorporated sushi and other food…”

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Tropical Smoothie Cafe Leases Restaurant space

Restaurant Space for Lease in DC

Tropical Smoothie Cafe leases restaurant space at The Boro in Tysons Corner, Virginia: 

“Bethesda, Md.-based developer The Meridian Group has announced seven food and drink retailers and two service businesses that will open in 2019 at The Boro in Tysons Corner, Va., about 15 miles outside of Washington, D.C.

The restaurants and cafés include Fish TacoBluestone LaneNorth ItaliaFlower ChildTasty KabobTropical Smoothie Café and Taylor Gourmet. The service businesses are MyEyeDr. and Boro Cleaners… 

Alex Walker and Connor McCarthy of Miller Walker Retail Real Estate negotiated Tropical Smoothie Café’s 1,200-square-foot outpost. Asadoorian Retail Solutions’ John Asadoorian represented hoagie shop Taylor Gourmet for its 2,300-square-foot eatery.”

 

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Restaurant Space For Lease in DC

Interview with retail broker bill miller  

Miller Walker Retail principal Bill Miller also sees concessions rising from the $100/SF range to as much as $200/SF, but he said this is still a fraction of the cost of some build-outs. Typical restaurants spend $400/SF to $600/SF on creating their interiors, while larger companies like Joe’s Stone Crab and Clyde’s can spend as much as $1K/SF.

Smart restaurateurs understand that saving a fraction of their build-out costs is not going to help a restaurant succeed long term if it does not have an appealing concept and location, Miller said.

Tenant Improvements

“Tenant improvements sound sexy, but if you don’t do sales it doesn’t matter at all,” Miller said. “If you’re a really sharp operator, you know $100/SF in TI doesn’t matter as much as a great location … No amount of TI is going to cover a site that doesn’t do the sales, you’re still going to be going out of business.”

Kazaba said she has worked with restaurateurs who have turned down deals with $200/SF of tenant improvements because they didn’t like their chances of succeeding in the space.

“Just because they’re getting that offer, it doesn’t mean we’re saying yes to the deal,” Kazaba said. “When it’s not a good restaurant space to begin with and you have a landlord giving significant TI, the answer isn’t always ‘yes, let’s move forward,’ because it is about location and concept.”

But not all restaurateurs are smart, Miller said, and some restaurant groups can be enticed by the cost savings into opening more locations than they can handle.  “A number of restaurant groups have gotten overly ambitious,” Miller said. “Guys who are less experienced might be like a moth to a flame and say, ‘I’m getting such a good deal, I might as well do three,’ but they don’t realize the manpower and complexity is going to put them in a tight position … If you open too many, you shoot yourself in the foot.”

Miller also said he is seeing mistakes on the part of developers who are building too much retail into projects in areas without enough demand…

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Streets Market plans to open the NoMa store in early 2019 and the West End store next summer. Burns said the decision to sign on at Legacy West End came down to the project’s location.

“We thought this area in West End was fantastic because it borders on the daytime crowd coupled with a permanent, residential, nighttime crowd as well,” Burns said. “It’s a mix between both worlds.”

Tasea Investment Co. and the Auger Family earlier this year completed the Legacy West End project, a conversion of an office building to 192 apartments with retail. Miller Walker Retail principal Bill Miller, who represented the landlord, said the landlord could have gotten a higher rent by signing a national fast-casual chain, but decided to come down on price to have the local grocer.

“This is a better amenity for the project,” Miller said. “They stretched a little bit and said, ‘This is the right thing to do, and it’s going to get you more rent upstairs’ … Long term what’s sexy is a grocery store, and this is a cool market that’s halfway between a bodega in New York and a Whole Foods.”

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Hakan Morton's Georgetown

Morton’s is closing in Georgetown

The Morton’s in Georgetown, in the same block as Cafe Milano and Peacock Cafe, was the second-ever location of the now ubiquitous chain, which opened in Chicago in 1978. Old Glory, the Daily Grill and Sea Catch have also closed in Georgetown.

Morton’s lease expires in November, ending a long run for the stalwart steak spot and ushering in a new French restaurant concept by Ilhan, who said he recently signed a lease to open there. Miller Walker Retail Real Estate represented both Ilhan and the landlord in the deal.

Although he hasn’t finalized a name, Ilhan said his concept would be a more lively, modern and casual version of his other French effort, Mirabelle, in downtown D.C.

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After breaking into the D.C. market in October with a $140M Bethesda acquisition, French insurance giant AXA has come back for more.

The investor acquired 1401 New York Ave. NW from a JV of Minshall Stewart Properties and Heitman for $165M, CoStar reports.

The 12-story, 210K SF office building, constructed in 1983, sits just two blocks from the White House. Minshall Stewart and Heitman acquired it in 2014 for $95M. Law firm Boies, Schiller & Flexner LLP signed on for 37K SF in the building in 2015. The building features a Starbucks in the ground-floor retail space and has a 5K SF available retail space that Miller Walker Retail Real Estate is marketing.

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The upscale steak restaurant, Morton’s is closing it’s Georgetown location

According to the property owner of the complex, Georgetown Court at 3251 Prospect St. NW, as well as a real estate agency, Morton’s, the upscale steak restaurant, will depart its Georgetown location during the first half of next year. Morton’s has been on Prospect Street for almost three decades. Connor McCarthy of Miller Walker Retail Real Estate said the 7,000-square-foot retail-restaurant space will be available in the spring of 2018 and has advertised as such.

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Book Arts DC New Location seeking retail space for lease in dcBook Arts is looking for a new home

Book Arts is a DC based company that produces high-end bookbinding and printing. They have put hand-tooled leather volumes into the hands of hundreds of heads of state — including but not limited to Pope Francis, The Obamas, Hilary Clinton and President and Mrs. Trump. Miller Walker Retail Real Estate is proud to represent the Book Arts team.

The high-end bookbinder and printing operation has lived for the past 10 years at the corner of 19th Street and Pennsylvania Avenue NW, in the sole retail space on the ground floor of the International Monetary Fund. But now, that entity is re-configuring its lobby, and there will no longer be space for the 15-year-old stationer.

For their new showroom, Vanilio and Greenwalt are looking for some similarly visible space that suits its high-end customer. (Case in point: Greenwalt recently hand-delivered a funeral guest book to a customer who needed his Social Security number, because she lives on the same street as the Obamas.) They are looking for between 1,000 and 1,500 square feet of retail space in either a downtown or Georgetown location. The Book Arts team is represented in its search by Miller Walker Retail Real Estate.

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The Wharf DC Restaurants Retail Space for lease

How Will The Restaurants at The Wharf DC Survive?

The Wharf DC. The $2.5 billion, 3.3 million-square-foot project will transform the city’s waterfront. No one denies that. But there are also plenty of non-believers who feel it won’t last. Some retail brokers and restaurateurs think there are too many restaurants. Some feel that the waterfront destinations are too seasonal to sustain all the available seating. Others say both. Just in it’s first phase alone, there are 2,200 seats at The Wharf’s nearly two-dozen restaurants.

“They’re never going to have lunch, so what makes you think that they can pay twice as much as all the early JBG deals on 14th Street?” said Bill Miller of Miller Walker Retail Real Estate, who also called the waterfront project “spectacular” and does not identify as a Wharf skeptic. Read the rest at…

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THOUSANDS OF PEOPLE LIVE AND WORK IN NOMA, WHERE THERE ARE NO SIT-DOWN RESTAURANTS

Thousands Of People Live And Work In NoMa, Where There Are No Sit-Down Restaurants

Stroll around DC’s NoMa neighborhood and you will see a slew of glass-box office buildings. Look left and you’ll see new loft towers loaded up with Millennials. Look right and you’ll handful of construction sites where more are coming. Be that as it may, search for a sit-down restaurant to grab dinner and drinks, and there’s nothing there.

The DC restaurant scene has seen it’s share of changes over the last few years. Chef-driven concepts are opening throughout the city and Michelin giving out its first-ever stars to restaurants in Washington D.C.. Meanwhile the developing NoMa neighborhood has been forgotten.

Read more at…

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On June 18, 2017, BISNOW featured an article entitle “Is Retail Really ‘F*cked’? 28 Global CRE Leaders Speak Out“. The article poses the question of the future of retail real estate and if brick-and-mortor retail stores are dying. In this article, BISNOW reached out to 28 Commercial Real Estate leaders. They asked MILLER WALKER Retail Real Estate’s very own Bill Miller his thoughts on the topic. Read his comments below.

NAME: Biller Miller

COMPANY: Miller Walker

CITY: Washington, D.C.

Brick-and-mortar retail is changing just like almost every business sector due to the internet. No one should find that alarming or shocking. We have seen it coming for years at this point. Simply put, what people are leaving home to buy is changing, but people are certainly leaving home and spending money.

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The smoke shop’s landlord, Demers Real Estate, took the retailer to court to have the store evicted. Capitol Hemp won the case because, technically, what it was doing—selling pipes and smoking accessories under the guise of tobacco use only—was not illegal. But the agreement the shop’s owners struck to take back their thousands of dollars of seized inventory forced them to close down the store.
Demers could not be reached for comment.
Stories like this were common for head shops in the District. That is, until DC residents voted to legalize the growing and possession of marijuana and the sale of paraphernalia. Since the law went into effect last year Continue reading ..

Honeyfish Poke, which has several shops in the greater Los Angeles area, is looking to open its first East Coast locations in the D.C. market. Co-owner Duke Park has enlisted real estate broker Alex Walker of Miller Walker Retail Real Estate to find several locations for the fast-casual restaurant. Their goal is to open the first by year’s end, if possible.
Park decided on D.C. after falling in love with the area after a recent vacation here. His background is franchising, having opened 15 Pinkberry locations (including the first in the United States) before founding Honeyfish with partner Jimmy Hong, who hails from the wholesale fish business. They teamed up with a master sushi chef to develop the concept further. They also operate the Big Fish Poke chain. Continue reading ..

Ask a dozen food geeks to name the first thing they associate with Mike Isabella, and they’ll probably rattle off a list of biographical highlights and/or minutiae: “Top Chef” contestant, New Jersey bad boy, clam-shucking chauvinist, serial restaurateur, dude with the gypsy tattoo to ward off evil.
With his next major project, however, Isabella may forever shed his tats-and-work-shirts image and confirm his status as one of the most ambitious restaurateurs in the Mid-Atlantic.In the summer of 2017, the chef will open Isabella Eatery in Tysons Galleria, an ambitious, 10-concept undertaking that will combine a few brands that are already familiar to D.C. diners — and several that are not.

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Tasting MenuBill Miller, a D.C.-based real estate broker who largely works with restaurants, has seen [the desire to experiment with a menu] play out in the chefs he’s worked with over the years. Ambitious cooks constantly tell him they just want a small place where they can literally have a hand in making every dish.

But I tell them you can’t really make a lot of money doing that, and they’ll look at me like I’m crazy,” he says. These days, many don’t even talk about rent at first, Miller says. But eventually the whole picture has to come together — location, pricing, a concept diners will show up for — to make sure the restaurant is financially viable.

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Many of the participants at this year’s Bisnow Beltway Bash may not know it, but the event actually began as a twinkle in the eyes of Bill Miller and Alex Walker of Miller Walker Retail Real Estate a little over two years ago.

Bill and Alex were flying back from ICSC RECon 2014, lamenting the fact that there was no regional event for players in the DC area, the way there is for Maryland, DC and other nearby states. Bill had moderated panels for Bisnow events in DC for several years at that point, and slowly it dawned on him…

 

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Ottoman-Taverna-RenderingOttoman Taverna, a full-service Turkish restaurant from Alba Osteria and Pizza Autentica owner Hakan Ilhan, will be the latest addition to Mount Vernon Triangle when it opens next fall.

We teased news of the Turkish spot earlier this fall, when we reported on another concept Ilhan had planned for the neighborhood, L’Hommage Bistro Francais.

Ottoman Taverna is taking 5,517 square feet next door to Alba in the same building. Miller Walker Retail Real Estate represented the tenant in lease negotiations.

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Want to see some Washingtonians go ballistic? Just call the District a “steakhouse town,” a place where the natives’ love of politics is rivaled only by their lust for thick slabs of charbroiled beef. Almost every time an out-of-town media outlet drops the S-word about the nation’s capital, locals rip in, gleefully noting how out of touch it is.

“In a trophy-class building that we work with, [landlords] don’t say, ‘Looking for steakhouse’ in any way, shape or form,” says broker Bill Miller, who represents both landlords and tenants. “If anything, people are concerned when another steakhouse comes along, and they go, ‘Geez, is this one too many?’ ”

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Georgetown Park has provided countless Washingtonians retail therapy. And it may now satisfy the city’s foodie community as Miller Walker Retail Real Estate works on filling 40k SF of retail and restaurant space.

Principal and co-founder Bill Miller says the location is ideal for restaurants that have a 14th Street vibe—chef-driven with active bar scenes. Georgetown Park, which opened on M Street in 1981, is a DC landmark; Bill, front row left, and firm co-founder Alex Walker, right, are hoping to embellish it. In the back are Durk Stanton and Connor McCarthy.

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HinckleyHinckley Pottery, the D.C. pottery studio that has been a home for Washington’s amateur and professional potters for decades, is in search of a new home with the help of Miller Walker Retail Real Estate.

We think we can put them in a cooler space,” said Bill Miller, who noted that as a destination use, Hinckley Pottery would fit in “around-the-corner” spaces that aren’t on the main drag.

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