Temecula, Calif. and Orlando, Fla. — Beverage concept Sip Fresh has announced plans to open stores in Temecula, California, and Orlando, Florida. Situated within Promenade Temecula, the new venue is scheduled to open in early 2025. Franchisee Kevin Tam will own and operate the unit. The Florida store will be located within Florida Mall. Each store will total roughly 1,200 square feet.
North Brunswick, N.J. — Panda Express has opened a new, 2,525-square-foot restaurant at MainStreet NB, mixed-use development located in North Brunswick, approximately 40 miles southwest of New York City. Garden Commercial is the landlord. David Dunkelman of Soloff Realty represented Panda Express in the lease negotiations, and Michael Gartenberg represented Garden Commercial on an in-house basis. Other tenants at MainStreet NB, which Garden Commercial broke ground on in 2010, include Chipotle Mexican Grill, Shake Shack, Panera Bread and The Green Turtle Sports Bar and Grill. Cava also recently signed a lease …
Manasquan, N.J. — Private equity funds managed by Blackstone have agreed to acquire a majority ownership position in Jersey Mike’s Subs. The deal would value the Manasquan-based sandwich restaurant chain at around $8 billion, including debt, according to The Wall Street Journal. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. Blackstone says the partnership is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. New …
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Restaurants Execute Expansion Plans with Measured Approaches
To say that the restaurant industry is sending mixed signals could be the understatement of the year. The National Restaurant Association expected restaurant sales in 2024 to top $1 trillion for the first time ever. But as the year has progressed, the number of operators who anticipated sales growth in the coming months dipped to 28 percent in August from 40 percent in April amid inflation and economic uncertainty, according to the organization’s latest performance index survey. At the same time, the fortunes of the major restaurant segments are largely …
Dallas — TGI Fridays Inc., which owns and operates 39 U.S. restaurants, has voluntarily filed for Chapter 11 bankruptcy protection in the Northern District of Texas. The Dallas-based operator cited long-running declines in sales dating back to the pandemic as the main impetus behind the filing. All independently owned and operated franchise locations, both foreign and domestic, are unaffected by the filing. An entity doing business as TGI Fridays Franchisor LLC, which owns the TGI Fridays brand and other intellectual property, was also unaffected. TGI Fridays Inc. has secured a commitment …
Atlanta — Atlanta-based cheeseburger slider concept Smalls Sliders has signed a new, four-unit franchise agreement in Georgia. DPC Smalls Investments will own and operate the restaurants, with the first scheduled to open in 2025. DPC Smalls is considering locations including Albany, Valdosta, Tifton and Brunswick for the new units, all of which will open within the next five years. With the new agreement, the franchisee and Smalls Sliders will open a total of 20 restaurants, dubbed “Cans,” in Florida and Georgia.
Houston — Katz’s Deli, a 24-hour restaurant concept, has signed a 6,300-square-foot lease in Houston. Construction on the new restaurant, which will be situated within the Memorial City mixed-use development, is scheduled to begin in early 2025. Delivery of the development is expected by early 2026. MetroNational owns and manages Memorial City. Larry Plotsky of the Plotsky Group and Meredith Cullen of Cushman & Wakefield represented the tenant in the lease negotiations, and Danna Diamond represented MetroNational on an internal basis. This marks the fifth location in the Houston market for …
Lubbock, Texas — Cousins Maine Lobster (CML) has signed a new, multi-unit deal with franchisees Chris Wilson and Gary Andrews of Lubbock. Wilson and Andrews currently own and operate six Slim Chickens restaurants throughout metro Lubbock and have launched their first CML food truck in the area, serving the markets of Amarillo, Midland, Odessa, Wichita and San Angelo. The grand opening was Oct. 26, at West End Shopping Center in Lubbock. “After six years of operating in Teas, we are thrilled to announce our expansion into West Texas,” says Angela Coppler, …
New York City — Brooklyn Navy Yard Development Corp. (BNYDC) will open a new, 40,000-square-foot food hall in Brooklyn. Situated within the ground floor of Building 77 at the Brooklyn Navy Yard property, the venue is scheduled to open Oct. 19. Concepts at the food hall, dubbed Market @77, will include Russ & Daughters, Hungry House, Jalapa Jar, Pizza Yard, Sabor, Rustik Tavern, Transmitter Brewing and She Wolf Bakery. The BNYDC is a not-for-profit corporation that serves as the developer and manager of the property on behalf of the City of …
Alameda, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $4 million sale of a single-tenant retail property located in Alameda, roughly 15 miles east of San Francisco. Jack in the Box occupies the building, which totals 2,583 square feet and features a drive-thru. Originally built in 1991, the property is situated within the shopping district of Downtown Alameda. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley, with Cherie Huillade of Colliers, represented the seller, CalBay Development, in the transaction. Jake Kim of Pinnacle Estate Properties represented the …
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