Wegmans on the market in VA

Last week GlobeSt.com reported that a freestanding Wegmans in Fredericksburg, VA is up for sale. The asking price is $25 million - a 4.25% cap rate. The property includes an outparcel that a restaurant could build on, among other attributes.

Jonathan Hipp, Calkain Cos. principal, is marketing the property. "I have never seen one for sale," he said. "Wegmans is a very popular credit."

Hipp pointed to a few McDonald's locations which recently went up for sale when their cap rates fell below 5. "It just took one well-executed deal for other owners to put their properties on the market," said Hipp, who believes the same situation could arise once a Wegmans deal take place.

Starbucks is now the No. 3 U.S. restaurant chain

MSNBC reported today that Starbucks has surpassed Burger King and Wendy's to become the third largest restaurant chain in the U.S., based on domestic sales. McDonald's and Subway are first and second, respectively.

Full disclosure: Equity Retail Brokers represents Starbucks in the Greater Philadelphia market, but there is no direct evidence (just rumors) that this relationship is solely responsible for Starbucks' sales increase or its rise in the restaurant chain rankings.

Starbucks is now No. 3 U.S. restaurant chain