ORLANDO, FLA. — Darden Restaurants has agreed to purchase Cheddar's Scratch Kitchen for $780 million in an all-cash transaction.
Cheddar's was founded in 1979 in Arlington, Texas, and now has 165 locations, including 140 owned and 25 franchised, across 28 states with average annual restaurant volumes of $4.4 million.
"We are excited about the opportunity to be a part of Darden,” says Ian Baines, CEO and president of Cheddar's. “Our operating philosophy and values are similar...
NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan.
The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit..
For anyone in the industry, it’s impossible to avoid the topic of online sales and the “dramatic” impact of the internet on traditional brick-and-mortar retail. Many retailers are clearly worried, and others are uncertain about how they should respond to the growth of online retail. That combination of concern and confusion has led to some questionable decision making about how and where to allocate resources.
The mainstream media does its part to perpetuate the notion of the online..
BOSTON — LaSalle Investment Management has acquired an interest in 10 Post Office Square in Boston’s CBD. The purchase price was $188 million, according to the Boston Business Journal.
LaSalle acquired the 450,000-square-foot office building in a joint venture with Synergy Investments and on behalf of its U.S. value-add fund, LaSalle Income & Growth Fund VII. Synergy will continue to act as the operating partner.
Known as 10 PO, the 14-story building is located at the corner of..
DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer.
Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square..
SAN DIEGO — Breaking down the silos between the traditional real-estate-based seniors housing providers and the growing number of health, wellness and supportive services providers will lead to better health outcomes for residents and slow the long-term growth of medical costs. But it’s a shift that won’t happen overnight.
That’s one of the key messages Bob Kramer, founder and CEO of the National Investment Center for Seniors Housing & Care (NIC), aims to deliver. The 2017 NIC..
LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif.
The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater.
Urban Commons assumed the master lease of the ship in April of last..
Commercial real estate construction follows increases in population, and Texas has hit a growth spurt. In May 2016, the U.S. Census Bureau reported that five of 11 of the nation’s fastest-growing cities — Georgetown, New Braunfels, Frisco, Pearland and Pflugerville — are in Texas.
The state’s metro areas, and the surrounding suburbs fueling this growth, are seeing construction in several sectors. High-end multifamily is popular throughout Texas. In Houston, hotels were being..
LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units.
Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia.
Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community..
PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex.
The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s.
Post Brothers will rename the..