Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
News
Montclair, N.J. — Jersey Mike’s Subs recently opened on the campus of Montclair State University in Montclair, N.J. The sub shop is run by the school’s foodservice partner, Montclair State Dining through Chartwells Higher Education Dining Services. This is Jersey Mike’s first partnership with Chartwells. “We couldn’t be prouder to work with this team [Chartwells] that shares our commitment to quality products and a high-energy customer experience,” says Phil Capozzi, vice president, non-traditional, Jersey Mike’s Franchise Systems, Inc. Jersey Mike’s at the Plaza at Blanton Hall joins other dining options …
Cincinnati — Jeff Davis has joined LSI Industries as president, LSI Lighting. He is responsible for the company’s sales functions, and he will lead LSI’s commercial planning efforts. He reports to Jim Clark, president and CEO of LSI Industries. “The hiring of Jeff is an important milestone in our efforts to position LSI for long term, sustainable growth and profitability,” says Clark. “His experience and professional acumen will be assets to LSI, and we look forward to the many contributions he will make to the company’s success.” Prior to joining …
Orlando, Fla. — DWM has promoted ZarettMarie Perez to team lead, Facilities Maintenance Division. In her new role, Perez will be responsible for overseeing a 24/7 client solutions team dedicated to timely, cost-effective solutions for specialty retail clients. Perez joined DWM in 2017 as a facility solutions coordinator, bringing over 12 years of industry knowledge and experience with her. As a facility solutions coordinator for one of DWM’s largest clients, Perez was a natural leader with extensive knowledge, making her a great asset to the client and her team. “ZarrettMarie’s …
Baltimore — Sylvan Learning, a supplemental and enrichment education brand, is gearing up for explosive growth. With its proven model and 40-year rich brand awareness, Sylvan today has more than 750 points of presence. This year, it plans to open 40 new locations. “2019 was a banner year for Sylvan Learning’s franchise development,” says Georgia Chasen, vice president of franchise development. “Last year, Sylvan Learning brought on 52 new franchisees and opened 24 centers, in both domestic and international markets. Over the last 4 years, we’ve attracted more than 200 …
The Colony, Texas — Parry’s Pizzeria & Taphouse will open its 10th location in early March 2020 outside Dallas in The Colony, within the new Grandscape development. Parry’s, a Denver-based restaurant group, is known for its New York-style pizza and craft beer selection of 80 carefully curated taps. Parry’s large patio and prime location within Grandscape will make it a must-visit spot for locals and visitors to the area. Parry’s first opened in suburban Denver in 2007 as a small, New York-style pizza joint with handmade pies, Buffalo wings and …
Scottsdale, Ariz. — This month PXG, a company dedicated to developing high-performance golf equipment and apparel, opened its fifth brick-and-mortar location in the United States. Known for its disruptive approach to product engineering and distribution, PXG continues to buck the trend of transactional sales in favor of delivering custom equipment and personalized experiences. “We are not in the golf club business,” says PXG Founder and CEO Bob Parsons. “We are in the business of creating exceptional experiences. Our stores, as well as our mobile fitting program, are designed to help …
Hoover, Ala. — MOOYAH Burgers, Fries & Shakes, a fast-casual, “better burger” franchise brand, has opened the brand’s first restaurant with its new remodel design. The restaurant, which opened on Feb. 10, 2020 in Hoover, Ala., marks the third MOOYAH restaurant for Jordan and Carrie Barrow. The Hoover MOOYAH location will be the first store of the new prototype that will feature new dining zones and seating arrangements, purposeful third-party and to-go shelving, a closed kitchen, digital menu boards and a new logo. “The original MOOYAH concept is like a …
Atlanta — The Home Depot® has been recognized as a global leader on corporate climate action for its efforts to reduce its environmental impact and build a more sustainable future for consumers and their homes. CDP, an environmental impact non-profit, named The Home Depot to its Climate Change “A List” for its actions to cut carbon emissions and mitigate climate risks. Every year, thousands of companies disclose data about their environmental impacts to CDP for independent assessment and receive scores ranging from A to D- for how effectively they are tackling …
Long Island, N.Y. — Greek from Greece (GFG) Bakery-Café, an authentic fast-casual concept raising the bar of Greek cuisine in America, has finalized a deal that will rapidly expand its portfolio from 10 to 41 locations. Thirty of the new locations will open in Long Island, N.Y., and one will open in Stamford, Conn. The significant expansion fuels momentum for GFG Bakery-Café, which recently acquired and rebranded its biggest New York-based competitor and opened a new location in Tampa, Fla. The new GFG Bakery-Cafés will be housed in converted Dairy …