Lewisville, Texas — Property services company MCS has acquired Chain Store Maintenance (CSM), a commercial facilities services firm. MCS will offer the core interior maintenance services that CSM is known for, with a platform marketed as Chain Store Maintenance — an MCS Company. Exterior facility services will continue to be marketed under MCS. Founded in 1991, CSM currently has agreements to provide facilities services to more than 130,000 client locations in the U.S., Canada, Puerto Rico and Guam. Core offerings include handyman, electrical, locksmith and plumbing services.
Santa Monica, Calif. — Chipotle Mexican Grill Inc. has announced the launch of a new restaurant concept, which will be opening in a ghost kitchen space in Santa Monica. Dubbed Farmesa, the restaurant will open at Third Street Promenade in partnership with Kitchen United Mix. A soft opening is planned, which will feature an abbreviated menu and limited hours, before the official launch next month. Guests will be able to order via onsite kiosks, online at the Kitchen United website and via third-party apps including DoorDash and UberEats. According to …
Union, N.J. — Bed Bath & Beyond has announced the locations of 87 flagship stores it plans to close across the country. These closures come in addition to the 150 stores announced for closure in August. The Union, New Jersey-based company will also shutter 48 Harmon drugstores as well as five Buybuy Baby stores. Bed Bath & Beyond missed interest payments on its bonds last week, according to reports by The Wall Street Journal. This came one week after a default notice for overdrawing on credit lines was sent to …
Woonsocket, R.I. and Chicago — CVS Health (NYSE: CVS) has agreed to acquire Oak Street Health (NYSE: OSH) in an all-cash transaction at $39 per share, representing a total purchase price of roughly $10.6 billion. The price represents a premium of approximately 11.9 percent over Oak Street’s opening price per share this morning. Chicago-based Oak Street Health is a network of primary care centers for adults on Medicare. The company employs approximately 600 primary care providers and maintains 169 medical centers across 21 states. By 2026, Oak Street Health plans …
Peoria, Ill. — Ken Hinkle has joined Cullinan Properties, taking on the role of vice president of leasing. Based in Atlanta, Hinkle previously held senior positions with Kite Realty, Retail Properties of America, Simon Property Group and Federated Department Store. In his most recent position, Hinkle was responsible for the leasing of up to 4.8 million square feet. “Ken is a dynamic leasing professional who succeeds in every market he is in,” says Ann Smith, senior vice president and director of leasing and marketing. “At Cullinan, he will provide leadership …
Bentonville, Ark. — Sam’s Club, a division of Walmart Inc., plans to open more than 30 new locations across the United States over the next several years. The first store, which is planned for an undisclosed Florida city, is scheduled to open in 2024. The new clubs will span approximately 160,000 square feet, which is larger than most current locations. Most new stores will feature a seafood/sushi island, full-service floral shop and walk-in dairy and fresh coolers, as well as a larger healthcare space featuring a patient waiting area, health …
Vancouver, Wash. — SRS Real Estate Partners has opened a Pacific Northwest office in Vancouver, approximately 10 miles north of Portland. Matt Martinez will lead the team, which will also include Candice Kelly, Raleigh Lau, Kim Phan, Dok Barley and Lindsay Garcia. “Reentering the market with a well-established team will gives us the ability to quickly respond to the needs of our clients in the region,” says Chris Maguire, chief executive officer of SRS.
Newport Beach, Calif. — RealSource Group brokered sales of single-tenant express car wash properties totaling over $100 million last year. The transactions represented a mix of sale-leasebacks, built-to-suits/presales and ground leases across four brands. Properties included in the sales were located across eight states in the Midwest, South and Southeast. “Private individual buyers have become increasingly familiar and comfortable with this asset type for long-term investment and were eager to take advantage of the 100 percent bonus depreciation benefits in 2022, before the depreciation amount was reduced to 80 percent …
Woodcliff Lake, N.J. — Party City Holdco Inc. (NYSE: PRTY) has filed for Chapter 11 bankruptcy. The restructuring process is expected to substantially reduce the company’s debt and optimize its capital structure and liquidity. The company expects to complete the restructuring process in the second quarter of this year. Party City’s more than 800 stores will remain open during the bankruptcy process. The company says it will continue to advance its key initiatives underway, such as converting stores to next-generation prototypes, evolving Halloween City pop-up stores, building out its online …
Irving, Texas — Palm Beach Tan Inc. has acquired tanning chain At the Beach, which comprises 58 salons across Oklahoma, Kansas, Southern California and Colorado. The stores will be operated by franchise entities Bronze Body LLC, Old Trinity Partners LLC and West Coast Tanning. Existing At the Beach customer accounts, memberships, sessions, credits and packages will be transferred to Palm Beach Tan, and all At the Beach employees have been offered positions with Palm Beach. This acquisition brings Palm Beach Tan’s total portfolio to 650 franchised and company-owned locations across …