REAL ESTATE

Starbucks makes New Delhi debut

BY Marianne Wilson

New York — Tata Starbucks Limited, the 50/50 joint venture between Starbucks Coffee Company and India’s Tata Global Beverages Limited, opened Starbucks’ first location in New Delhi. The store is designed to celebrate the heritage and history of the city.

“This first flagship store in New Delhi promises to offer a distinct third place with a beautiful store designed specifically for New Delhi with great respect to the rich Indian heritage and culture. We are committed to the India market for the long-term and will aggressively grow our business, expanding stores and providing locally relevant innovations.” said John Culver, president, Starbucks Coffee China and Asia Pacific.

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REAL ESTATE

Cogent Group acquires the fee interest in 15 North Carolina KFC properties

BY Katherine Boccaccio

Dallas — Real estate investment firm The Cogent Group said Tuesday that it has acquired 15 KFC properties in North Carolina. The properties are leased to a franchisee.

The 15 units are located in prime retail corridors in the North Carolina Triad market consisting of Greensboro, Winston Salem, and High Point, with above average unit sales. The properties are subject to long-term triple net leases having an initial term of 20 years, plus renewal options.

“The purchase of these high quality assets, subject to long-term leases with a highly-regarded operator, is an ideal fit for our investment strategy and our long-term strategic partner, as we continue to add to our real estate portfolio of triple-net lease properties throughout the United States,” said Scott Kipp, a co-founder and principal of The Cogent Group.

Cogent recently also developed properties for 7-Eleven and Whataburger, acquired an Uncle Julio’s restaurant, and completed a sale-leaseback transaction with VPS Convenience Store Group.

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REAL ESTATE

Fairlawn Town Centre sold to new ownership

BY Katherine Boccaccio

Bryn Mawr, Pa. — WP Realty and Angelo, Gordon & Co. announced Tuesday the sale of Fairlawn Town Centre located in Fairlawn, Ohio.

Fairlawn is located just west of Akron; Fairlawn Town Centre is a 447,037-sq.-ft. community shopping center anchored by Giant Eagle, Target (separately owned), Home Goods, Pet Supplies Plus, Ashley Furniture and Marc’s. In-line retail tenants include U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and RadioShack.

WP Realty purchased Fairlawn in May 2010. The acquisition of the center included a vacant 39,840-sq.-ft. junior anchor box formerly occupied by Circuit City. Fairlawn Town Centre provided an opportunity to acquire a well-located, stable grocery-anchored shopping center with considerable immediate upside through the lease-up of the vacant anchor and inline space.

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