Commercial Real Estate Updates | February 2012
Bennigan’s Franchising Company plans to open 12 new locations in 2012, with openings in AR, DC, FL MD, NJ, and TX as well as
Cyprus, South Korea, Mexico, El Salvador, and . Dubai
Boloco will enter a new market in 2012 with two locations in
. Washington, DC
Chick-fil-Ahas plans to open eight new units in the
market this year. Houston
Dunkin’ Donuts plans to double the number of domestic locations over the next 20 years. A new eight-unit development agreement for
Des Moines, IA, was announced, as well as an agreement for 12 new restaurants in North Omaha, NE, and Sioux City, IA.
Fazoli’sexpects to open at least eight new company and franchised restaurants in 2012. Its first travel center is scheduled to open in March on I-79 in
. Fairmont, WV
Freddy’swill debut in UT, FL, NV, AR, and NM in 2012, as well as many new regional sites in established states.
Jake’s Wayback Burgers recently announced that it will open its first location in CA, first two locations in OR, and first location in IN, as well as its first locations in NH and VA, in 2012.
Jersey Mike’swill open new units in 23 states including CA, IL, TX, VA, and FL. Target markets for new franchisees include Seattle, New York, Atlanta, Minneapolis, Orlando and Tampa, Florida, Portland, Oregon, New Jersey, and Houston.
Olga’s Kitchenwill expand to nine Midwestern markets over the next three years and will open locations in
Detroit, Chicago, Indianapolis, and in 2012. Columbus
Olive Gardenopened its first location in AK.
Pinkberrysigned a franchise agreement for six stores in
. Las Vegas, NV
Red Mangohas awarded agreements for more than 70 domestic locations, including new markets in CT, SD, and TN.
Ruby Tuesdayplans to open six to eight Lime Fresh Mexican Grill restaurants this year.
Saladworksannounced a development agreement for three locations in
Smashburgerplans to open 50-70 new locations in 2012 and is seeking qualified franchise partners to help grow its existing corporate presence in Chicago, Houston, Dallas, Los Angeles and Minneapolis, as well as enter new U.S. markets like San Francisco, Boston, Washington, D.C. and additional international territories, including operations in Western Europe, South America and Asia.
Steak ‘n Shakeopened its first location in
. New York City
The Wendy’s Company plans to build 20 and remodel 50 company-operated restaurants in 2012.
Togo’s Eateries, Inc. is seeking to expand in the key growth states of AZ, NV, OR, and WA.
Twin Peaks Restaurant Group has named priority markets for development and is seeking franchisees in Baltimore; Las Vegas; Chicago; New Orleans; St. Louis; Washington, D.C.; Columbus, Cincinnati, and Cleveland, OH; Fort Smith and Little Rock, AR; Lexington and Louisville, KY; Memphis and Knoxville, TN; Miami, Tampa, West Palm Beach, and Fort Lauderdale, FL.; Norfolk and Richmond, VA; Philadelphia and Pittsburgh; and Sacramento, San Diego, San Francisco, and Los Angeles, CA.
Wingstopannounced two development agreements for 14 new restaurants in the
Supermarket, Grocery & Convenience Store Chain Industry:
Demoulas Supermarkets, Inc is seeking growth opportunities throughout its existing markets of MA and NH, as well as ME and RI, during the coming 18 months, with representation by RMD, Inc. A typical lease runs 40 years or 60 years for ground leases. The company prefers to build sites.
Han Dee Hugos convenience stores is seeking growth opportunities throughout its existing market during the coming 18 months. A typical lease runs three years. A vanilla shell and specific improvements are required. Preferred demographics are a population of 10,000 within two miles earning $20,000 as the average household income.
H-E-B will expand or open 22 stores in
Texas and remodel 33 other locations and open its largest store in San Antonio this year and several in northern . In Mexico , the company plans to open five stores, raising the number of stores in the country to 44. Mexico
Prima Marketing LLC is selling 22 operating and closed convenience stores plus four excess retail pad sites that it currently owns, leases or operates. The properties are located in
West Virginia and nearby areas of Pennsylvaniaand . Chicago-based NRC Realty & Capital Advisors LLC will be coordinating the sale, conducted using NRC’s “buy one, some or all” sealed bid sale process. The bid deadline is March 22, 2012. Ohio
Swiss Farms Stores plans to open drive-thru grocers along the East Coast, including five in
. The retailer, which opened its first store in 1968 solely for drive-thru, is expanding because “we felt for years they’ve been able to enjoy drive-thru convenience and have a niche in the market place,” said Rocco Fiorentino, president of Swiss Farms Franchise. Charlotte, NC
Wegmans Food Markets, Inc. is looking sites for plans to open three stores in MA, MD, NJ, NH, PA or VA during the next 18 months. A typical lease runs 20 years with options. Preferred demographics include a population of 50,000 within three miles earning $75,000 as the average household income. A land area of 12 to 18 acres is required for freestanding locations. The company prefers to acquire sites or ground-lease sites.
Apparel and Department Stores Industry:
City Sports plans to relocate its store in
Suburban Square, Ardmore, PA, into an 8,000 sq. ft. space previously occupied by Talbots.
Esprit Holdings will close all 93 of its stores in
North America, after abandoning previously announced plans to sell off the business or find a licensed operator to run the stores.
Flip Flop Shops announced plans to open 40 new stores by the end of 2012. An additional 40 stores are already in the planning stages for 2013. The new stores include locations in
St. Thomas; Honolulu, HI; Miami and Destin, FL; and . San Luis Obispo, CA
Golfsmith International Holdings Inc. plans to open 10 new stores and relocate four existing stores in fiscal 2012. The openings and relocations combined will result in a 17.5 percent increase in square footage. The new store locations are planned for
Cleveland, OH; Washington, DC; Chattanooga and Nashville, TN; Atlanta, GA; Baltimore, MD; Christiana, DE; and . San Antonio, TX
New York & Company announced the store at the Mall at Fairfield Commons in
has closed. Beavercreek, OH
United Retail Group Inc, owner of the Avenue stores, filed for bankruptcy court protection and announced plans to sell the company. The company plans to close 14 stores in the next month.