News Briefs

Private equity funds managed by Blackstone have completed the acquisition of Tropical Smoothie Cafe from Levine Leichtman Capital Partners. Terms of the transaction were not disclosed, but the Wall Street Journal reported in May that the deal valued the fast-casual chain at about $2 billion.

As part of the transaction, Nigel Travis, former CEO of Dunkin’ Brands, will serve as chairman for Tropical Smoothie Cafe.

Headquartered in Atlanta, Tropical Smoothie is a leading franchisor of fast-casual restaurants. It has more than 1,400 locations across 44 states. 

“With Blackstone’s capital and resources, we look forward to accelerating the company’s continued expansion across the country and supporting innovation to further capitalize on the brand’s unique positioning,” said Peter Wallace, a senior managing director, and Michael Staub, a managing director, in Blackstone’s private equity business.

LLCP bought Tropical Smoothie Cafe, which was founded in 1997, in September 2020. At the time, the chain had more than 870 locations. The company opened more than 175 new locations in 2023, 70% of which were opened by existing franchisees.

“By partnering with Blackstone, Tropical Smoothie Cafe will be able to Inspire Better in more communities nationwide alongside our dedicated franchisees,” said Charles Watson, CEO of Tropical Smoothie Cafe. “2024 will be another big year in our growth trajectory, as we focus on operational excellence, menu innovation, and the digital guest experience.”

Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Baird served as the lead financial advisor, with support from North Point and BofA Securities, and Kirkland & Ellis LLP served as legal counsel to Tropical Smoothie Cafe in connection with the sale.

Big V Property Group has acquired the Johns Creek Town Center in Suwanee, Ga., marking the firm's fifth community center in the state.

Located approximately 30 miles from downtown Atlanta, the 303,297-sq.-ft. open-air center is anchored by major retailers including HomeGoods, Sprouts, Kohl’s, Ulta Beauty, Market by Macy’s, and PetSmart. The transaction marks the second major acquisition made by Big V Property Group and their partner, Equity Street Capital, in 2024, following their purchase of Merchants’ Square in Carmel, Indiana in February. The terms of the deal were not disclosed.

“Greater Atlanta is one of the most dynamic markets in America, and we’re thrilled to complement our expansion efforts in the region with the addition of Johns Creek,” said Jeff Rosenberg, CEO of Big V Property Group.

The greater Atlanta region is home to more than six million residents, making it the eighth-largest market in the United States.

Headquarted in Charlotte, N.C., Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million sq. ft., primarily located in the South.

Urban Edge Properties has announced that New Home Kitchen & Bath is taking the last vacant space at its Hackensack Commons center in Hackensack, N.J., bringing the property to full occupancy.

The new 2,215-sq.-ft. store offers remodeling services for kitchen and bathrooms, providing free job site measurements, 3D designs, and quotes. The retailer also carries a variety of ready-to-order and custom-made cabinets with different price ranges.

“Adding this new home improvement store solidifies Hackensack Commons as a go-to resource for essential needs in the area,” said Gabby Semet, director of leasing for Urban Edge. “We pride ourselves on adding new concepts to add to the center that diversify our offerings, while complementing the existing tenancy.”

Also new in the center is The Moon Korean BBQ & Hot Pot restaurant which offers visitors an authentic Korean dining experience. Another tenant, Petco recently added Vetco Total Cares veterinary services to this location.

Hackensack Commons’ roster of tenants also includes The Home Depot, 99 Ranch Market, and Chipotle.

Urban Edge owns 76 properties totaling 17.4 million sq. ft. of gross leasable area.

One of McDonald’s C-suite leaders is planning to retire later this year, and a successor has been named.

Bob Stewart, senior VP and chief supply chain officer, North America, will retire, effective as of October 1, 2024. The fast-food hamburger giant has appointed Cesar Piña as his successor, who currently serves as corporate VP of global strategic sourcing for food sitting on the Global Supply Chain Leadership Team.

Piña will assume the new role this fall. He has been with McDonald’s for nearly 10 years and has held multiple supply chain-related positions. Before joining the restaurant chain, he held positions with McClement Management Group and General Mills.

“Cesar has made significant contributions across his 10-year McDonald’s career to drive meaningful change to our global supply chain and the system at large, and there is no doubt that he is the right leader to carry forward McDonald’s priorities,” said Marion Gross, executive VP and global chief supply chain officer at McDonald’s. “His extensive industry experience in driving business results matched with his strong learning aptitude and passion for advancing a culture of collaboration makes him uniquely suited to shepherd the North America Supply Chain team into the future.”

Based in Chicago, McDonald's USA LLC operates approximately 13,500 U.S. restaurants, 95% of which are owned and operated by independent business owners.

Things are bigger in Texas — even convenience stores. 

Buc-ee’s has opened its largest outpost to date, a 75,000-plus-sq.-ft. store (“travel center” in Buc-ee’s speak) in Luling, Texas, about an hour northeast of San Antonio. The location replaces the city’s current Buc-ee’s, which was the brand’s first family travel center when it was built in 2003. With the opening of the new Buc-ee's, the company operates 50 stores across Texas and the South. 

Since beginning its multi-state expansion in 2019, Buc-ee’s has opened locations in Alabama, Florida, Georgia, Kentucky, South Carolina, Tennessee, Missouri and Colorado. Earlier this year, Buc-ee’s broke ground on its first-ever locations in Virginia and Mississippi.

Based in Lake Jackson, Texas, Buc-ee’s is known for its smiling beaver, namesake mascot, massive locations and amenities, which range from its signature “pristine” restrooms and showers to its extensive assortment of specialty food options that include Texas barbecue. The new Buc-ee’s has more than 120 fueling positions along with thousands of snack, meal and drink options for travelers on the go. 

“We are thrilled to open the doors to the world’s largest Buc-ee’s travel center right here in the Great State of Texas,” said Stan Beard, director of real estate and development. “It’s particularly exciting, considering this is the Buc-ee’s that started it all, so we are really looking forward to celebrating with the incredible people of Luling.” 

Buc-ee’s Luling store will employee at least 200 employees, with starting pay beginning well above minimum wage, full benefits, a 6% matching 401k, and three weeks of paid vacation.

After some 20 years in business, millennial and Gen Z fashion retailer Revolve Group has opened its first permanent brick-and-mortar location.

Located in the heart of downtown Aspen, Col., the opening follows the success of the Revolve/Fwrd pop-up that opened in the same location in December. The Aspen pop-up not only drove substantial sales but also proved to be an exceptional channel for brand building and acquiring new customers, the company said. (Revolve Group sells merchandise through two segments, Revolve and Fwrd, that leverage one platform.)

The store will continue to house both Revolve and Fwrd collections, blending Revolve’s contemporary styles with Fwrd’s high-end designer pieces. The first floor features Revolve  brands such as Helsa, L'Academie and Lovers + Friends and other emerging designers along with exclusive products designed for the Aspen customer. 

The second level houses Fwrd's curated collection of luxury fashion brands, Fwrd Renew pre-owned bags and accessories including brands such as Acne Studios, Isabel Marant and more.

"Aspen represents the epitome of luxury, making it the perfect location for our first permanent storefront,” said Michael Mente, co-CEO and co-founder of Revolve Group, which was founded in 2003.  “We are excited to bring our unique brand experience to a new audience, combining the convenience of online shopping with the personalized service and engagement that only a physical store can offer."