Company News

FRISCO, TEXAS — Ruiz Foods, a provider of frozen Mexican foods, has opened a new 25,000-square-foot headquarters space at HALL Park in Frisco, according to reports from local media sources. According to Star Local Media, the company is in the process of relocating some employees from its existing headquarters facility in Dinuba, Calif., in addition to hiring some local workers. Ruiz Foods eventually plans to employ about 125 people at the new facility, the local paper reports.

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LOS ANGELES — FAT (Fresh. Authentic. Tasty.) Brands Inc., the Los Angeles-based parent company of 17 restaurant concepts, has inked a new development deal to open 20 new Johnny Rockets restaurants across Texas over the next 10 years. The locations were not disclosed, but the first restaurant is set to open sometime this year. The new locations will open in partnership with Brame Holdings LLC, a San Antonio-based private investment company with a portfolio of franchised restaurants and automotive stores.

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BATAVIA, ILL. — German discount grocer Aldi has announced plans to add 800 new locations across the United States by the end of 2028. The company will invest more than $9 billion into the expansion plan, which will be implemented through a combination of new openings and store conversions. In August, Aldi acquired American grocery brands Winn-Dixie and Harveys Supermarket as part of a larger divestiture of parent company Southeastern Grocers. Aldi’s expansion plans in the Southeast include both new openings and converting some of the former Winn-Dixie and Harveys locations to Aldi-branded stores. The locations that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Aldi plans to add nearly 330 stores across the Northeast and Midwest. Additionally, Aldi will expand its presence in the West by adding more stores in Southern California and Phoenix, as well as entering new markets such as Las Vegas. “Our growth is fueled by our customers, and they are asking for more Aldi stores in their neighborhoods nationwide,” says Jason Hart, CEO of Aldi. “With this commitment to add 800 stores in the next five years, we’ll be where our shoppers need us while positively impacting the communities we serve.”  Aldi …

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RIVERSIDE, CALIF. — SRS Real Estate Partners has expanded its Southern California presence with the addition of Nick Wirick as senior vice president and managing principal; Chris Beauchamp as vice president; Miranda Montgomery as senior associate; and Jessica Henderson as marketing and transaction coordinator. Based in Riverside, the team is part of SRS’ first Inland Empire office, located at 3390 University Ave. The Wirick team has completed more than $900 million in deal volume in recent years. The team focuses on tenant and owner services primarily in the Inland Empire. The team will work alongside Garrett Colburn and Terrison Quinn in SRS’ Newport Beach office.

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NEW YORK CITY ­— Macy’s Inc. (NYSE: M) has announced plans to close 150 of its namesake department stores over the next three years. According to the retail giant, these stores represent 25 percent of the company’s gross square footage as of fiscal year-end 2023 but only account for 10 percent of sales. (Macy’s fiscal 2023 ended Feb. 3, 2024.) Macy’s anticipates closing approximately 50 stores by the end of fiscal year 2024, the locations of which have not been disclosed, though CNBC reports some are located in California, Florida, Hawaii and Virginia. Other elements of the retailer’s real estate optimization strategy, which it is naming “A Bold New Chapter” in its investor materials, includes reinvesting in its remaining 350 stores. “Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” says Adrian Mitchell, chief operating officer and chief financial officer of Macy’s. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.” As part of the plan, Macy’s will open at least 30 Bluemercury stores, the company’s smaller footprint …

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WASHINGTON, D.C. — The Federal Trade Commission (FTC), a U.S. government entity that enforces consumer protection laws, has sued to block Kroger Co.’s (NYSE: KR) proposed $24.6 billion acquisition of Alberstons Cos. (NYSE: ACI). Announced in late 2022, the deal would mark the largest supermarket merger in U.S. history. Kroger’s current portfolio includes thousands of stores across 36 states, including stores that operate under the regional banners Fred Meyer, Fry’s, Harris Teeter, King Soopers and Quality Food Centers (QFC), in addition to its Kroger flagship. Albertsons likewise operates thousands of stores across 35 states under names including Haggen, Jewel-Osco, Pavilions, Safeway and Vons, in addition to the eponymous Alberstons shops. According to the FTC, the merger — which, if completed, would result in a portfolio of more than 5,000 stores and roughly 4,000 retail pharmacies — is “anticompetitive.” The commission alleges that executives for both supermarket chains have conceded that Kroger’s acquisition of Albertsons is anticompetitive, with one executive saying the merger is “basically creating a monopoly.” The FTC is also alleging that the deal would “lead to lower quality products and services” and threaten “the ability of employees to secure higher wagers, better benefits and improved working conditions,” according …

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PITTSBURGH — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals. PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets. “As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking. PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own …

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ATLANTA — Matthews Real Estate Investment Services has hired Pierce Mayson and Kyle Stonis as senior vice presidents, Jeff Enck as first vice president and Boris Shilkrot as associate vice president. The veteran retail specialists join the company’s shopping center division from SRS Real Estate Partners where they managed the sales of shopping centers in 17 different states across the Southeast, Midwest and Northeast. Collectively, Mayson, Stonis, Enck and Shilkrot have brokered the sales of $4 billion in career transactions over a combined 50 years. The group will operate from the Matthews’ Atlanta office off Peachtree Road and work with Matthew Wallace, the company’s national director of shopping centers.

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NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) announced plans today to expand its brick-and-mortar footprint by adding 500 Chase bank branches over the next three years. The New York City-based institution also plans to renovate 1,700 existing bank locations across the United States. New branches will expand JPMorgan Chase’s footprint in existing markets like Boston; Washington, D.C.; Charlotte, N.C.; Philadelphia; and Minneapolis. The company will also enter several new markets, including low- to moderate-income rural communities that previously had little access to traditional banking service. The multi-billion-dollar expansion effort will also contribute to local economic growth through the addition of 3,500 new employees, including construction jobs and local hiring upon completion, according to the company.  JPMorgan first announced expansion efforts in 2018 with a $20 billion economic growth effort that included the addition of 400 new Chase branches over the subsequent five years. Since that time, the company has added more than 650 new branches, including 400 locations in 25 new states.  Brick-and-mortar expansion efforts by JPMorgan have marked a stark shift in strategy, as a number of rival banks have been closing branches over the past few years and shifting more toward digital banking efforts. This year, Chase …

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NEW YORK CITY — Berkadia has secured the title of top agency lender for 2023. The firm closed roughly $6.6 billion in Freddie Mac loans and $5.3 billion in Fannie Mae loans, good for the first and second place, respectively, among qualified government-sponsored enterprise (GSE) lenders. Berkadia was also the top HUD lender in terms of volume, closing $1.2 billion in HUD-insured loans in 2023.

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