Chicago — Pinstripes, Inc., a best-in-class experiential dining and entertainment concept, has formed a partnership with Simon Property Group that includes new leases for three future locations within the Simon portfolio, in addition to its existing Clearfork development in Fort Worth, Texas (pictured), and a minority equity investment in Pinstripes. The parties have also identified several potential Pinstripes locations at various Simon assets throughout the United States, all to be announced at a later date.
Pinstripes currently has 10 locations throughout the U.S., with three new openings slated for 2019 in Houston; San Mateo, Calif.; and Norwalk, Conn.
This is the second strategic partnership Pinstripes has completed in the last 6 months. In April 2019, Pinstripes completed a similar multi-lease/minority equity investment transaction with Brookfield Properties. Combined, these two partnerships represent six future Pinstripes locations including $15 million in minority equity.
“We’re excited to work with the Simon team to deliver our sophisticated spin on dining and entertainment to three of the most dynamic retail/mixed-use centers in the U.S.,” says Dale Schwartz, founder and CEO of Pinstripes. “Our unique Italian-American scratch kitchen, curated wine and craft cocktail offering and the fun of bowling and bocce, all in a beautifully designed rustic-modern setting, will blend perfectly with Simon’s upscale environment and merchandising at these three centers. This partnership will also further enable Pinstripes to accelerate its expansion plans and goals of opening more than 100 locations throughout the country over the next several years.”
“We’re extremely pleased to join forces with Pinstripes, the market leader in entertainment dining, to bring leading-edge venues to our iconic properties around the country. Not only do our shoppers love these types of innovative activations, we believe Pinstripes will also attract new customers and drive additional traffic to our centers,” says Mark Silvestri, Simon’s executive vice president and chief operating officer for development. “Simon’s unique combination of shopping, dining and entertainment makes us the ideal location for these new and exciting community spaces, complementing our other dynamic offerings.”
Founded in 2007, Pinstripes, Inc. is headquartered in Chicago and currently operates 10 locations (Northbrook, South Barrington, Oak Brook and Chicago, Ill.; Edina, Minn.; Georgetown, D.C.; Bethesda, Md.; Overland Park, Kan.; Fort Worth, Texas; and Cleveland), has three additional venues set to open in 2019 (Houston; San Mateo, Calif.; and Norwalk, Conn.), and significant plans for further expansion. For more information, visit www.pinstripes.com.
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations. For more information, visit www.simon.com.
SOURCE: Pinstripes, Inc.