CIRB News & Transactions
News 03/03/2003 : Flurry of Restaurant Activity in New England and Upstate New York. Corporate Realty Advisors, Inc. signed 31 restaurant transactions in 2002 in New England and Upstate New York primarily with IHP Corp., Darden Corp. for Olive Garden and Smokey Bones, RARE Hospitality for Bugaboo Creek and Longhorn Steakhouse, and in Northern New England with Ruby Tuesday Boston LLC - the regional franchisee. Most of the transactions were "pad-ready" ground leases along with a few land acquisitions and Mall transactions.
Additionally, CRA signed four deals with Texas Roadhouse which have resulted in two of the top five stores in the chain with the opening of Metheun and Brockton, MA. They expect that the opening of Everett, MA in May 2003 will suplant Brockton as the #1 Texas Roadhouse in the United States.
The pull-back of IHOP corp. from financing it's franchise development has been a set-back, but we're exploring alternative ways to assist franchisees to develop in this very competitive market including teaming them up with casual diners on larger sites.
Finally, Darden Corp has decided to reintroduce Red Lobster into New England with a trial run of 3 locations in Connecticut.. The revitalized menu and facilty will be successfull in Connecticut and open the door for expansion throughout New England.
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