(For more retail coverage, click GlobeSt.com/RETAIL.)
HARTLAND, MI-Leo Stassinopoulos, owner of 17 family restaurants in Michigan under the name Leo's Coney Island, will have an 18th location in place, with help from a purchase of 2.2 acres of land from a private seller based in southeast Michigan.
The land, located on Highland Road and listed at an ask of $710,000, is slated for a 4,000-sf restaurant and 3,500 sf of additional space dedicated to retail, at a quoted lease rate of $25 per sf, triple net, annually.
Groundbreaking on the property has not yet been announced, though it's anticipated that construction will be under way possibly by the end of the first quarter of 2006. "He's expanding rapidly, and right now, that's the furthest Leo location scheduled to be out that way," says Andrew Stylianou a retail commercial sales associate with Colliers International's Southfield Office, who represented the buyer. Rob Hughes and Evan Jurovcik of Colliers/Southfield represented the seller.
Though not yet being formally marketed for leasing, Stylianou, who is handling the leasing on the property, is starting to get some interest. "A cell phone company did contact me looking for some locations, and I mentioned this one," he tells GlobeSt.com. But at this time, I haven't formally contacted anyone about the space."
Leos, which was founded in 1972 as a lunch and dinner restaurant, specializes primarily in family dining and has menu that includes soups, salads, sandwiches and complete meals.
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