You can use "that" (or those) for anything that is not immediately at hand, including things in the present.
That restaurant is my favorite. (pointing out the window as you drive past) is fine.
That young man is really going to go places.
It's actually a good description that I'd never thought of before, but I'm not sure I agree completely. For example, we are talking about some people who I'm no longer friendly with, but you're telling me they did something really awful. I still may say (as we are in the same discussion), "Oh come one. These guys [we are talking about] were my friends once. I'll never believe they were capable of that." (And I may say "Those guys" too, but I don't find either one wrong.)
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