REAL ESTATE

Pottery Barn signs with Outlets at Tejon in Tejon Ranch, Calif.

BY Michael Fickes

Tejon Ranch, Calif. — Pottery Barn plans to open a new outlet store at The Outlets at Tejon. At 12,397-sq. ft., it will be the retailer’s ninth outlet store in the U.S. and its only current outlet store in California.

Currently under construction and slated to open in August 2014, The Outlets at Tejon is located on Interstate 5 between Los Angeles and Bakersfield, Calif.

Tejon Ranch Co. and The Rockefeller Group are developing the 320,000-sq.-ft. center. EWB Development LLC is handling leasing and marketing.

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REAL ESTATE

Ramsey begins renovation of Las Vegas center

BY Michael Fickes

La Jolla, Calif. — Ramsey Real Estate Group has announced the commencement of a $600,000 renovation to Decatur Inn Plaza in Las Vegas. The renovation will include new storefronts, design elements, exterior finishes, building systems, landscaping and parking lot work. Vacant suites will receive vanilla shell treatments. Structural elements will be repaired and replaced. The renovations will also include rebuilding the property’s monument sign. Existing businesses will remain open during the renovation.

Ramsey Real Estate Group is a principal purchaser of storefront retail buildings, shopping centers, shop buildings, office buildings on retail streets, land for retail development and portfolios of similar property. Ramsey Real Estate Group acquires property in California, Nevada, Arizona, and Hawaii. The firm purchased the 12,000-sq.-ft. property in April 2012.

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Wendy’s sells 70 restaurants in Dallas area

BY Marianne Wilson

Dublin, Ohio — The Wendy’s Company announced the sale of 70 restaurants in the Dallas-Ft. Worth metroplex to Texas-based MUY Hamburger Partners, a Wendy’s franchisee. The transaction is designed to promote new restaurant growth and reimaging, while generating a more predictable revenue stream for the company.

Wendy’s is geographically concentrating its restaurant ownership through the sale of about 415 company-operated restaurants in 13 U.S. markets, primarily in the West. The company has completed the market-by-market sale of 314 restaurants so far, and now expects to complete all of the sales by the end of the first quarter 2014.

With the purchase of the Dallas-Ft. Worth restaurants, MUY Hamburger Partners, will now operate a total of 87 Wendy’s restaurants in Texas. The purchase agreement includes a commitment to reimage selected restaurants in Wendy’s contemporary new store design, as well as development plans for new restaurants.

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