Shopping Center Business

MAY 2017

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

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34 • SHOPPING CENTER BUSINESS • May 2017 NEWSLINE HANLEY INVESTMENT GROUP ARRANGES $9 MILLION SALE OF RITE AID IN CALIFORNIA Hanley Investment Group Real Estate Advisors has arranged the $9 million sale of a single-tenant, 17,185-square-foot Rite Aid located in Menifee, California. Kevin Fryman of Hanley represented the seller, Parkcrest Construction Inc. Ron Duong of Marcus & Millichap represented the buyer, an undisclosed private investor. Rite Aid has nearly 20 years remaining on its initial lease term, with increases every 10 years. LEE & ASSOCIATES ARRANGES $1.4 MILLION SALE OF RESTAURANT PROPERTY IN CALIFORNIA Lee & Associates has arranged the $1.4 million sale of a restaurant building located at 12717-12721 Poway Road in Poway, California. Victor Aquilina and Mario Martinez of Lee & Associates – North San Diego County represented the buyer, Pho Ca Dao, in the transaction. Mickey Roberts of Re/Max Associates represented the seller, Mogavero Giuseppa 1990 Family Trust. The acquisition of the 4,800-square-foot freestanding building is part of an expansion effort into Poway for Pho Ca Dao, which operates a chain of Vietnamese restaurants. Pho Ca Dao plans to renovate the current restaurant building. J AB Holding Co., the private in- vestment firm that purchased Krispy Kreme Doughnuts last year, has agreed to purchase Panera Bread Co. in a transaction valued at approx- imately $7.5 billion. JAB will acquire Panera Bread for $315 per share in cash and will as- sume approximately $340 million of net debt. Panera Bread's board of directors has unanimously approved the purchase agreement, which is ex- pected to close in the third quarter of this year. As of Dec. 27, 2016, there were 2,036 bakery-cafes in 46 states and in Ontario, Canada, operating un- der the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names. Information about whether or not the transaction will affect Panera Bread's restaurant locations was not disclosed. After 25 years operating as a public- ly traded company, Panera Bread will become private and continue to be operated independently by its man- agement team. JAB is acquiring Panera through JAB BV, an investment vehicle of JAB Consumer Fund and JAB Holding Co. Both JAB Holding Co. and JAB Consumer Fund are overseen by three senior partners: Olivier Goudet, Peter Harf and Bart Becht. Entities affiliat- ed with BDT Capital Partners are also investing alongside JAB BV. Morgan Stanley & Co. LLC is serv- ing as financial advisor to Panera in the transaction, and Sullivan & Crom- well LLP is serving as legal counsel. Luxembourg-based JAB Holding Co. is the investment arm of the bil- lionaire Reimann family in Germany. Together, JAB Holding Co. and JAB Consumer Fund have controlling stakes in Krispy Kreme, Keurig Green Mountain, Jacobs Douwe Egberts, Peet's Coffee & Tea, Caribou Cof- fee Co., Einstein Noah Restaurant Group Inc. and Espresso House, the largest branded coffee shop chain in Scandinavia. JAB Holding also owns a con- trolling stake in luxury goods compa- nies including Jimmy Choo, Bally and Belstaff. St. Louis-based Panera Bread has generated more than $5 billion in sales annually and employed over 100,000 associates. — John Nelson Looking to hire? Looking for a job? Need to move? Call me! Chris Rollbusch, President (619) 500 - 4Net (4638) The 17,185-square-foot Rite Aid was built in 2016, and is located on Newport Road in Menifee, California. JAB CONTINUES EXPANSION INTO U.S RESTAURANT INDUSTRY WITH $7.5 BILLION ACQUISITION OF PANERA BREAD

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