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Commercial Growth in Moreno Valley

by Sarah Daniels

Successful companies looking to expand their brand know there is one location in Southern California that consistently beats the rest: the City of Moreno Valley. There’s a reason that companies like Sprouts, Raising Cane’s, Texas Roadhouse, Hilton, Capriotti’s and WoodSpring Suites are expanding in the city. They are supported by Moreno Valley’s second-to-none pro-business environment, a skilled and motivated workforce, strategic location and affordable lease rates. Fortune 500 and international companies are thriving in Moreno Valley, and here’s why. Location, Location, Location Situated at the junction of SR-60 and I-215, …

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Investment salesMassachusettsNewsRestaurants

Joyal Capital Management Sells 14-Store Dunkin’ Portfolio in Metro Boston

by Alex Tostado

Canton, Mass. — A subsidiary of Joyal Capital Management (JCM) has sold a portfolio of 14 Dunkin’ stores located throughout the Boston area in a transaction valued at $44 million. The buyer was Northern Management Group, a franchisor of hotel, convenience store and restaurant concepts that operates more than 100 properties in the Northeast. JCM also recently closed on the sale of 61 Dunkin’ stores in Southeast Florida to an undisclosed purchaser.

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MichiganNewsRestaurants

Indoor Dining Expected to Resume Feb. 1 in Michigan

by Alex Tostado

Lansing, Mich. — The State of Michigan has continued its ban on indoor dining but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16 to 31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university …

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Company newsNewsRestaurants

Gordon Ramsay North America Restaurant Group Names Norman Abdallah as CEO

by Alex Tostado

London — Norman Abdallah has been named CEO of the Gordon Ramsay North America Restaurant Group. Abdallah most recently served as CEO of Del Frisco’s Restaurant Group. Prior to joining Del Frisco’s, he was the operating partner for private equity firm CIC Partners, focusing on restaurant portfolio companies. Abdallah’s resume also includes interim CEO of Dinosaur BBQ, president and CEO of Romano’s Macaroni Grill, and president and CEO of Restaurants Unlimited. He is also the co-founder and former CEO of Fired Up Inc., the parent company of Carino’s Italian. In …

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CaliforniaInvestment salesNewsRestaurants

Progressive Real Estate Partners Brokers $1.6 Million Sale of Restaurant Property in Moreno Valley, California

by Alex Tostado

Moreno Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a freestanding restaurant building located at 23040 Alessandra Blvd. in Moreno Valley. Carnitas al Estilo Michoacan acquired the property for $1.6 million. The recently remodeled restaurant is fully equipped and features an extra-large kitchen with two walk-in coolers, a spacious interior dining area, outdoor patio seating and a full bar. The buyer plans to open its second Inland Empire restaurant, which is known for its Michoacan-style carnitas and Mexican dishes, at the location this spring. Albert Lopez …

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FeaturesFrom The MagazineRestaurants

Edible Adapts to Pandemic With Omnichannel Platform

by Alex Tostado

When the pandemic hit, Edible was ready. It already had a dedicated delivery model, made possible by a robust fleet of refrigerated trucks; it had multiple omnichannel platforms customers could use to interact with the brand; its fruit arrangements and chocolate treats offered a way to say “we’re thinking of you” to friends or relatives you could not visit in person. Also working in Edible’s favor? A talented support team and resilient franchisees. To learn more about Edible, which has over 1,000 retail locations, Shopping Center Business recently interviewed its …

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CaliforniaInvestment salesNewsRestaurants

Chase Partners Sells Chipotlane Property in Northern California for $3.2 Million

by Alex Tostado

Lathrop, Calif. — Chase Partners has sold a new Chipotlane drive-thru property in Lathrop in California’s San Joaquin Valley for $3.2 million. The 2,323-square-foot property was delivered earlier this year at 16542 Golden Valley Parkway. Bill Asher and Jeff Lefko of Hanley Investment Group Real Estate Advisors represented the Glendale, California-based seller in the transaction. Kurt Bruggeman of Lee & Associates represented the buyer an Orange County, California-based private investor. Chipotlane is the new concept from Chipotle Mexican Grill that allows customers to order on the restaurant’s app and pick …

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Company newsFloridaNewsRestaurants

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

by Alex Tostado

Orlando, Fla. — Darden Restaurants Inc. has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 …

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FeaturesFrom The MagazineRestaurants

Ghost Kitchens, Dedicated Takeout Spaces Emerge During Pandemic

by Alex Tostado

Over the past five years, the many major MSAs have seen tremendous growth and diversification within the food and beverage space. But the onset of COVID-19 has cut into consumers’ disposable incomes, essentially shrinking the customer base and creating another mechanism by which restaurant sales are reduced. Restaurants that have been able to pivot to more takeout and delivery services, convert parking or other spaces into outdoor seating, and minimize their supply-chain disruptions by tweaking inventory are carving out competitive advantages in the current environment. “The extent to which operators …

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FloridaLeasingNewsRestaurantsRetailers

CocoWalk Welcomes Eight Retailers to its Lineup

by Alex Tostado

Miami — Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development in Miami. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode. The five retailers that are expected to open this month are men’s beachwear retailer Europann, Mr. 01 Extraordinary Pizza, shoe retailer Sportive, Edward Beiner Eyewear and music store The School of Rock. The retail space at CocoWalk spans 150,000 square feet and surrounds …

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