California Centers

MAY 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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CORPORATE ACTIONS May 2018 | California Centers Magazine 41 ACQUISITIONS & MERGERS Smashburger announced in February that Jollibee Foods Corporation has acquired an additional 45 percent of the brand for $100 million, bringing JFC's ownership stake to 85 percent. JFC's majority stake in Smashburger positions the brand for continued growth, said Bradford Reynolds, CFO of Smashburger. Jack In The Box, Inc. has sold Qdoba Restaurant Corp. for approximately $305 million to Apollo Global Management. Qdoba operates and franchises more than 700 restaurants in 47 states in the U.S., the District of Columbia and Canada. In connection with the sale, Jack In The Box will make a prepayment of $260 to retire outstanding debt under its term loan, as required by the terms of its credit facility. MTY Food Group Inc. is acquiring the assets of the Grabbagreen franchise system, the company has announced, for an estimated consideration of $2.75 million. At time of disclosure, 26 of the existing 27 Grabbagreen restaurants were franchised. MTY Food Group is a restaurant franchisor based in Canada, and has indicated the corporate operations of Grabbagreen would be consolidated and the franchise platform run from its U.S. headquarters in Arizona. As of early March, the transaction closing remained subject to multiple customary conditions for transactions of this nature. Grabbagreen opened its fifth California location in February in Encinitas. Privately held Juice It Up! has been acquired by a consortium of private equity brands. Acting as the sole franchisor for Juice It Up will be SJB Brands, whose main investors are California-based private investment firms Dover Shores Capital, Britt Private Capital and Jupiter Holdings. The value of the transaction was not disclosed. SJB purchased the 90-unit Irvine-based concept from former CEO Frank Easterbrook, who has owned it for more than two decades. Chris Braun, previously on the Board of Dotta Foods, was named CEO. The headquarters will remain in Irvine, with the chain anticipating adding new units in the coming year in California, New Mexico, Oregon, Texas and Florida. Bravo Brio Restaurant Group Inc. has agreed to be sold to Spice Private Equity Ltd., a division of GP Investments Ltd., in a deal valued at approximately $100 million. The parent to Bravo! Cucina Italiana and Brio Tuscan Grille had been exploring strategic options since February 2017, while its largest shareholder, TAC Capital LLC, had pressed for changes at the company. Under the terms of the merger agreement, Brava Brio shareholders will receive $4.05 per share in cash. The transaction is expected to close in the second quarter, pending shareholder approval. APPOINTMENTS The Pie Hole, a Los Angeles-based pie and coffee shop, has added Edie Ames as CEO. Ames has joined the company Co-founders in overseeing expansion efforts going forward, and in launching the brand across the U.S. and abroad. Ames' possesses 30 years of experience in the industry, having most recently been President at The Counter and Built Custom Burgers. Prior to that she was the EVP of Operations for Wolfgang Puck Catering, COO at Real Mex Restaurant and Del Frisco's Restaurant Group and President at Morton's of Chicago. El Pollo Loco parent Pollo Loco Holdings Inc. has named Bernard Acoca its new president and CEO. Acoca succeeds Steve Sather, who led the company since 2010 and announced his retirement in 2017. Acoca also assumes Sather's seat on the company's Board of Directors. Acoca most recently was president of Teavana and oversaw the distribution of the brands products to 26,000 Starbucks locations worldwide. Prior to that he was Starbucks' senior VP of marketing and category for the Americas. SRS Real Estate Partners' National Net Lease Group has added Brian Wolfman and Chris Edwards to its Newport Beach office. Wolfman, with six years of experience in investment sales, serves as first vice president. He most recently was with Pegasus Investments Real Estate Advsory. Edwards serves as senior associate. He has seven years of experience focusing on the acquisition and disposition of single-tenant net-leased assets for clients nationwide. Coreland Companies has promoted Kindy Hohman to Portfolio Manager. In this new role, Hohman will head a 2 million-square-foot retail portfolio and will oversee expanded management teams to support the assets positioned throughout Northern and Southern California. Hohman has 15 years of experience, including 11 years at Vestar Property Management prior to joining Coreland. Alhambra-based Shakey's USA has added Geoffrey Ingles as vice president, development. Ingles is tasked with jump starting the concept's restaurant development program. The 59 year old company plans to double the number of current locations within the coming few years, and has announced that five new locations are due to open throughout CA in 2018. CONTRACTS & AWARDS NewMark Merrill Companies has the listing for the leasing of the following: up to 7,080 sq. ft. of combined space between Marshalls and Ross Dress for Less at Placentia Town Center in Orange County. Agents Greg Giacopuzzi and Darren Bovard, in the Woodland Hills office of NewMark Merrill are handling the leasing on behalf of the center owner; the contract for the leasing of 17,500 sq. ft. of anchor space at Anaheim Town Square, which features over 50 tenants. Darren Bovard

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