REAL ESTATE

Steiner to lease Legacy Village in Lyndhurst, Ohio

BY Michael Fickes

Columbus, Ohio — First Interstate Properties has named Steiner + Associates as the exclusive retail leasing agent for its 610,000-sq.-ft. mixed-use Legacy Village in Lyndhurst, Ohio.

Located on 67 acres in Lyndhurst, Legacy Village includes more than 585,000 sq. ft. of specialty retail and restaurants and 25,000 sq. ft. of class-A office space. The project serves the upscale eastern suburban communities of the Greater Cleveland market. Tenants include more than 50 specialty retailers as well as the only Crate & Barrel and Restoration Hardware stores in the market. Restaurants at the center include The Cheesecake Factory, Brio, Granite City, California Pizza Kitchen, Stir Crazy and Bar Louie among others.

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REAL ESTATE

JLL brokers sale of Market Square in Akron, Ohio

BY Michael Fickes

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.

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REAL ESTATE

The Melting Pot plans North America expansion

BY Dan Berthiaume

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."

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