Farmer Boys opens Orange, Calif., restaurant
Riverside, Calif. — Farmer Boys will open its 75th fast casual restaurant in Orange, Calif., this weekend. The Grand Opening will include a ribbon cutting ceremony, burger-eating contest, Big Cheese burger giveaway and family entertainment.
The fast, casual Farmer Boys chain prides itself on using farm-fresh ingredients.
Pinkberry frozen yogurt franchisee plans 50 stores in Japan
Los Angeles and Tokyo — Pinkberry has selected Royal Holdings to roll out franchises across Japan. An experienced franchisee, Royal Holdings operates 722 restaurants across several brands.
The initial development plan calls for 50 Pinkberry frozen yogurt stores.
DDR sold $198 million of non-prime assets in Q1
Beachwood, Ohio — DDR Corp. has announced that it sold 14 non-prime assets in the first quarter for gross proceeds of $198 million. The company’s share of the proceeds totaled $142 million. In addition, DDR currently counts 14 non-prime operating assets valued at $97 million and $36 million of non-income producing assets currently under contract. DDR expects its share of the proceeds from these transactions to come to $103.
Of the operating assets sold or under contract, 22 are small-format neighborhood centers or single tenant assets under 135,000 sq. ft. These sales align with DDR’s investment strategy of owning large format, prime power centers in top MSA’s.
The non-prime operating assets sold and under contract average less than $9.50 per sq. ft. in rents, approximately 35% below the DDR average prime rent. These properties also feature trade area average annual household incomes less than $70,000. Average DDR trade area average for prime properties is $81,000.