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CosMc
Company newsIllinoisNewsRestaurantsTexas

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Hayden Spiess

Bolingbrook, Ill. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu …

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A-and-G-Rite-Aid
CaliforniaCompany newsConnecticutInvestment salesLeasingMarylandMichiganNew JerseyNew YorkNewsOhioOregonPennsylvaniaVirginiaWashington

A&G to Sell 79 Rite Aid Leases in 11 States

by Hayden Spiess

Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …

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Mountain-Mike's-Pizza
CaliforniaCompany newsLeasingNewsRestaurants

Mountain Mike’s Pizza Signs Franchise Deal for 10 Locations in Washington

by Hayden Spiess

Newport Beach, Calif. — California-based Mountain Mike’s Pizza has signed a franchise deal for the development of 10 restaurants in Washington, marking the brand’s entrance into the state. Locations will include Arlington, Bellevue, Bellingham, Burlington, Kirkland, Lake Stevens, Lynwood, Marysville, Mill Creek, Northgate and Redmond, with the first opening scheduled for next year. Franchisees Gurjot and Yashraj Thind will develop and operate the restaurants.

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Slim-Chickens
Company newsDevelopmentNewsRestaurantsVirginia

Slim Chickens Signs Franchise Deal for Five Locations in Virginia

by Hayden Spiess

Harrisonburg and Winchester Va. — Slim Chickens has signed a franchise deal for five new locations in Virginia. Franchisees Oubab and Lama Khalil of Khalil and Hamoudi S.L. Cos. will develop and operate the restaurants, which will be located in Harrisonburg and Winchester. Slim Chickens currently has more than 1,150 units in development. 

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Company newsLeasingNewsRestaurantsSouth CarolinaTexas

Whataburger to Open 10 Restaurants in South Carolina

by Hayden Spiess

San Antonio, Texas — Texas-based fast-casual chain Whataburger has announced plans to expand into South Carolina. Beginning in summer 2024, the brand will open restaurants in Greenville, Mauldin, Irmo, Spartanburg, Anderson, Boiling Springs, Lexington, Duncan and Easley. Current plans include a total of 10 restaurants.

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WeWork_Miami-Beach
Company newsFinanceNew YorkNews

Flexible Workspace Pioneer WeWork Files for Bankruptcy, Plans to Renegotiate Leases

by Hayden Spiess

New York City — Coworking and office-sharing pioneer WeWork Inc. (NYSE: WE) has filed for Chapter 11 bankruptcy protection. WeWork also plans to file similar protectionary measures in Canada. WeWork has entered into a restructuring support agreement with its creditors representing approximately 92 percent of its secured notes to “drastically reduce” the company’s existing funded debt and expedite the restructuring process. Reuters reports the debt-for-equity swap deal with its creditors totals $3 billion. The New York City-based company plans to continue operations and “further rationalize its commercial office lease portfolio” with its network …

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Company newsFinanceNewsOhio

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Hayden Spiess

Beachwood, Ohio — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include …

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CaliforniaCompany newsFinanceInvestment salesMarylandMichiganNew JerseyNew YorkNewsOhioPennsylvaniaWashington

Rite Aid to Sell 92 Store Leases

by Hayden Spiess

Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …

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Company newsEntertainmentNewsOhioTexas

Cedar Fair, Six Flags Agree to Merge in $8 Billion Deal

by Hayden Spiess

Sandusky, Ohio and Arlington, Texas —Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for …

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Mel-Sembler
Company newsFloridaNews

The Sembler Co. Founder Mel Sembler Dies at 93

by Hayden Spiess

St. Petersburg, Fla. — Florida-based developer and founder of The Sembler Co. Mel Sembler has passed away at the age of 93, according to a statement from the company.  Sembler founded his eponymous real estate company in 1962. To date, it has completed more than 350 developments totaling 29 million square feet. Additionally, the company manages and leases 10 million square feet of real estate and has offices in St. Petersburg, Florida, Atlanta and Puerto Rico. Currently, The Sembler Co.’s portfolio includes Belmont Shopping Center in Ruskin, Florida, and North Macon …

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