Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano, Texas-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is …
News
Sonic Automotive Expands EchoPark Brand Nationwide, Opens First in the State of Tennessee
by Katie Lee
Nashville, Tenn. — Sonic Automotive, Inc., a Fortune 500 Company and one of the nation’s largest automotive retailers, has opened its newest EchoPark specialty pre-owned vehicle store in Nashville, Tenn. As Sonic Automotive continues to rapidly expand its EchoPark network, its first Tennessee location will allow car buyers in the region to shop an assortment of high-quality, 1- to 4-year-old pre-owned vehicles priced 20% to 40% below new car pricing. This new EchoPark location, located just north of downtown Nashville, was formerly a Sonic Automotive franchised dealership that was recently …
Nashville, Tenn. — Nashville, Tenn.-based Back Yard Burgers opened its new prototype in the greater Charlotte, N.C., area in September and plans to expand with the updated building design. The new interior design brings the outdoor backyard feel indoors with pergolas and an open kitchen that gives guests a better view of their sandwiches being cooked over the open flame with all of the sights, sounds and aromas. More modern exteriors featuring a mix of brick, wood and metal showcase new signage and the new Back Yard Burgers flame logo. …
Paris — As part of its “Better Places 2030” strategy to reduce carbon emissions 50% by the year 2030, Unibail-Rodamco-Westfield (URW) now generates clean, renewable energy at seven of its Westfield shopping centers in the U.S. Westfield Valley Fair in Silicon Valley, Calif.; Westfield UTC in San Diego; and Westfield Garden State Plaza in Paramus, N.J., are now among the country’s most environmentally conscious retail destinations. The shopping centers’ parent company, Unibail-Rodamco-Westfield (URW), has completed installation of, and started generating power from, new solar panel arrays at the centers — …
Sugar Land, Texas — A development team by Houston-based Lionstone Investments will renovate Sugar Land Town Square, a 1.4 million-square-foot mixed-use destination located on the southwestern outskirts of Houston. Lionstone is partnering with Dallas-based creative real estate firm Rebees and Planned Community Developers on the project, which will upgrade landscaping and outdoor common areas to allow for social distancing and more public seating as part of Phase I. In addition, the team will add new signage and tenant storefronts and revamp the tenant roster to include local entrepreneurs with original …
Scottsdale, Ariz. — As consumers across the country seek dining options to fit their changing habits, P.F. Chang’s is expanding its P.F. Chang’s To Go concept, which is now launching in New York. Now open as of October 19 at 240 W. 40th in New York City, the location marks the first of three P.F. Chang’s To Go openings in New York over the coming weeks. It follows three other openings in Chicago, which launched earlier in 2020. These new restaurant additions will allow more guests to experience P.F. Chang’s …
Deerfield Beach, Fla. – Deerfield Beach, Fla.-based Konover South LLC is set to begin the vertical construction of Miramar Park Place, a 56,600-square-foot upscale retail center in Miramar, Fla., on October 19, 2020. Tenants, which include Flannigan’s, World of Beer, Jersey Mike’s, Starbucks and more, are expected to open in summer 2021. Konover South LLC, in partnership with Master Development Partners of Dania Beach, Fla., purchased the property in October 2019. R.A. Rodgers Construction Company, based in Altamonte Springs, Fla., will be the general contractor, and a $20 million construction …
Glendale, Calif. — IHOP® has expanded its franchisee portfolio with the addition of Suncakes, LLC, led by Guillermo Perales, through the acquisition of 41 IHOP restaurants. The restaurants, located in Tennessee, North Carolina, Virginia and South Carolina, were previously owned and operated by CFRA Holdings and its affiliates and transferred to Suncakes, LLC in July 2020. Financial details of the deal will not be disclosed. The 41 locations represent the first IHOP restaurants managed by Sun Holdings, Inc. Sun has one of the largest restaurant franchisee portfolios in the U.S. …
Jersey City, N.J. and Redlands, Calif. — Imperial Dade, a leading distributor of foodservice packaging and janitorial supplies, has acquired P&R Paper Supply (P&R). The acquisition strengthens Imperial Dade’s West Coast presence while enhancing the company’s differentiated value proposition to customers in the region. The transaction represents the 28th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, CEO and president of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed. Headquartered in Redlands, Calif., with locations throughout the West, P&R Paper Supply is …
Atlanta — With its retail concept a proven success in several major U.S. markets, Painted Tree Marketplace plans to accelerate expansion plans on a national basis in major suburban markets, with a focus on the Southeast, Midwest and Southwest. Painted Tree currently operates eight U.S. locations in Arkansas, Georgia, Tennessee and Texas, with additional locations scheduled to open soon. Painted Tree is aiming for 10 to 12 new store openings per year. Store sizes will range from 30,000 to 50,000 square feet, with a typical footprint of 35,000 square feet. …