REAL ESTATE

JLL closes on four multifamily properties for $120 million

BY Michael Fickes

New York Jones Lang LaSalle’s Capital Markets group has closed the sale of four prime multifamily properties in the Dallas area on behalf of four separate sellers. The combined sale price exceeded $120 million.

  • Silverado Apartments, a 332-unit, garden style community in Frisco was purchased by Adams LaSalle from Sherman Residential.
  • Park Gates at City Place, a 228-unit residential community in Dallas was purchased by BK Funds from The Connor Group.
  • Republic Park Vista, a 308-unit, Class A+ community in Ft. Worth was purchased by Momentum Real Estate Partners from Beucler Properties/Prudential Real Estate Investors and an investment fund advised by Prudential Real Estate Investors.
  • The Ablon at Frisco Bridges, a 252-unit Class A property was purchased by Colonial Property Trust from Pegasus Ablon.

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REAL ESTATE

Stop & Shop to exit New Hampshire

BY Katherine Boccaccio

Quincy, Mass. — Grocer Stop & Shop said it will close its six Stop & Shop banners and three gas stations in New Hampshire by Sept. 21, marking the chain’s exit from the state.

“Our six stores in New Hampshire have not achieved performance goals after many years of investment, and we have made the difficult decision to close these underperforming stores,” said Joe Kelley, president of Stop & Shop’s New England division. “This action will allow us to focus our investment and resources on continuing to grow our business in other areas of the Northeast.”

The chain has operated in New Hampshire since 2003. It currently has more than 400 stores throughout Massachusetts, Connecticut, Rhode Island, New Hampshire, New York and New Jersey.

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REAL ESTATE

Dunkin’ Donuts to add eight units in Rochester, N.Y.

BY Katherine Boccaccio

Canton, Mass. — Dunkin’ Donuts said it will open eight new restaurants in Rochester, N.Y., via a multi-unit store development agreement executed with existing franchisee Luis Ribeiro.

Ribeiro currently owns 25 of the 61 Dunkin’ Donuts in the Greater Rochester area.

"We expect 10 to 20 new Dunkin’ Donuts restaurants to open in Rochester over the next few years," said Grant Benson, VP franchising and business development, Dunkin’ Brands.

In June, the company unveiled a series of four new restaurant design options – labeled Original Blend, Cappuccino Blend, Dark Roast and Jazz Brew – to allow franchisees to select individual elements from any of the four options in order to create a restaurant design that reflects personal tastes and preferences. The four options incorporate variations in layout, color schemes, graphics, textures, furniture and lighting.

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