JLL brokers sale of Market Square in Akron, Ohio
Atlanta — JLL has announced the closing of the sale of Market Square at Montrose on behalf of LaSalle Investment Management to HP Realty LLC. Purchased for $32.5 million, the 510,231-sq.-ft. retail center hosts anchors Home Depot, J.C. Penney, Levin Furniture, Dick’s Sporting Goods, Regal Cinemas, Toys “R” Us and Cost Plus World Market.
“Akron and similar cities are back in favor with investors,” commented Kris Cooper, a JLL managing director.
Market Square at Montrose occupies a site off an exit ramp for I-77 in the strongest retail submarket in Akron. The center is 96.7% occupied and commands the highest rental rates in the city.
The Melting Pot plans North America expansion
Tampa, Fla. – The Melting Pot Restaurants plans to expand its footprint in select markets throughout the U.S., and Canada. Domestically, the company is looking to recruit new franchisees in cities such as Anchorage, Alaska; Little Rock, Ark.; Fresno, Calif.; Hartford, Conn.; Des Moines, Iowa; New York City; Chattanooga, Tenn.; Charleston, S.C.; and Portland, Maine, as well as Houston and El Paso, Texas.
On the international front, The Melting Pot is focusing its expansion efforts in cities across Canada, including Toronto, Calgary and Vancouver. As part of the brand’s growth plan, The Melting Pot is also offering the opportunity to purchase existing restaurants with established customer bases in additional markets across the country. The company, which currently operates 135 stores in the U.S., Canada and Mexico, expects to sign a number of new franchise agreements before the end of 2014 and open at least four new restaurants by 2015.
"This new growth strategy demonstrates the strength of The Melting Pot brand and would not be possible without having a solid foundation of successful owners in place," said Mike Lester, president of The Melting Pot. "With nearly 30 years of experience in franchising, The Melting Pot is a proven concept that provides franchisees with the tools and support needed to help them achieve success. We look forward to bringing The Melting Pot to more cities across North America and are confident that our one-of-a-kind, customized fondue experience will be well-received."
Report: California shopping center to expand use permit
Woodland, Calif. – The Gateway Shopping Center in Woodland, Calif. has reportedly received permission to expand the types of businesses allowed in its use permit. According to the Woodland Daily Democrat, the Woodland Planning Commission is granting approval for food services, banks, professional service offices, nail salons and dry cleaners to be located at the center.
RadioShack and Payless Shoes are also reportedly awaiting approval to open stores at the center.