Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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30 • SHOPPING CENTER BUSINESS • May 2017 NEWSLINE THE SHOPPING CENTER GROUP ARRANGES $16 MILLION SALE OF TOWN CENTER SHOPPES IN ORLANDO The Shopping Center Group has arranged the $16 million sale of Town Center Shoppes, a 64,500-square- foot retail center located in Orlando, Florida. An undisclosed entity purchased the property, which is anchored by a 44,000-square-foot LA Fitness. Anthony Blanco, Lenard Williams and Mallory Silva of The Shopping Center Group marketed the property on behalf of the seller, an affiliate of Gemini Real Estate Advisors, a North Carolina-based consulting firm. JOINT VENTURE SELLS GROCERY- ANCHORED SHOPPING CENTER IN FORT WORTH FOR $15 MILLION A joint venture between GHP Office Realty and RD Management has sold a 136,000-square-foot shopping center anchored by Albertsons, located in Fort Worth, for $15 million. The property was DECONSTRUCTING THE BIG BOX T H O U G H T D E S I G N I N S P I RAT I O N A RC H I T ECT U R E P L A N N I N G M I X E D U S E KTGY KNOWS RETAIL Provo Towne Cen tre Provo, UT Brixton Capital R E TA I L E R U P DAT E builder, developed the proper- ty, which is situated within the 1,400-acre, master-planned com- munity of Valley Ranch on Grand Parkway near Interstate 69. DARDEN RESTAURANTS TO ACQUIRE CHEDDAR'S SCRATCH KITCHEN FOR $780 MILLION 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 fran- chised, across 28 states with av- erage 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. Additionally, Darden's expertise will enable us to further capitalize on our growth poten- tial." Baines will remain as presi- dent of Cheddar's. He will report to Gene Lee, Darden's president and CEO. The transaction is ex- pected to be complete in Darden's fiscal 2017 fourth quarter. It is subject to customary closing con- ditions. "Cheddar's is a great fit in the Darden portfolio because it complements our existing brands," says Lee. "This addition will also enable Darden to further strengthen two of our most im- portant competitive advantages: our significant scale and our ex- tensive data and insights." Orlan- do, Florida-based Darden Restau- rants Inc. owns and operates more than 1,500 restaurants. Darden's portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's.

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