Chicago – Bar-and-restaurant concept Bar Louie said Tuesday it is undertaking a major national expansion initiative of more than 100 new locations in 20 markets nationwide and has appointed Jones Lang LaSalle as its exclusive real estate advisor.
Jones Lang LaSalle will work in tandem with Bar Louie’s real estate team and select brokers in various markets to leverage both tenant-favorable conditions, as well as the availability of vacant full-amenity restaurant space located within high-density urban and suburban markets.
Bar Louie has grown organically to nearly 50 locations nationwide. Its aggressive expansion plan calls for 20 new locations open by the end of 2011, including up to 10 new franchise locations.
“Now is the ideal time to pursue a robust expansion program that will support our strategic growth goals and bring the Bar Louie brand and concept to new customers around the nation,” said Chris Devlin, Bar Louie’s senior VP new business development. “We selected Jones Lang LaSalle as our partner in this venture because of its broad retail experience, proprietary store deployment technology, and wide reach within the brokerage community nationwide.”
Jones Lang LaSalle has assembled a team of experts within its Corporate Retail Solutions practice to lead the execution of the company’s strategy.
Markets targeted for multi-store expansion include Boston, Providence, New York City, North New Jersey, Baltimore, Washington D.C., Maryland, Northern Virginia, Richmond, Newport News, Norfolk, Miami, West Palm Beach, Fort Myers, Dallas Fort-Worth, Austin, Houston, San Antonio, St. Louis, and Chicago.
Jones Lang LaSalle will develop a store expansion strategy and oversee all elements of the leasing process throughout the next several years, using a ‘best broker’ model in each market. Bar Louie will focus on existing restaurant space to minimize the cost of interior build-out but will tailor the aesthetic of each new restaurant to the location. Bar Louie is targeting existing restaurant space that is ready to occupy in the range of 4,000 sq. ft. to 7,000 sq. ft.