Former Chock Full O' Nuts restaurant leases are for sale.Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. has been appointed by Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. as the exclusive marketing and sales agent for an unusual real estate transaction. The portfolio consists of leases for five Manhattan retail locations where Chock Full O' Nuts once operated luncheonettes. Sara Lee inherited the leases when it bought Chock Full O' Nuts in 1999. The coffee brand continues to flourish but the eateries were closed long ago and the retail spaces were subleased to various tenants. Jones Lang LaSalle's Managing Director Woody Heller will direct the marketing and sale of the portfolio on behalf of Sara Lee. "These retail locations are no longer a strategic asset for Sara Lee and the company realized that selling them makes the most sense," explained Heller. "The deal is a little funky funky - Said of something that functions, but in a slightly strange, klugey way. It does the job and would be difficult to change, so its obvious non-optimality is left alone. Often used to describe interfaces. in that we are selling the position between the tenant and the landlord, which is a profitable position because the buyer gets an income stream from subtenants that is greater than its pays in ground rent. We expect the lease package to fetch about $15 million." Four of the sites are in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town and include a 16,000 SF storefront at 532 Madison Ave., an 11,000 SF site at 422 Madison Ave., 16,000 SF at 574 Fifth Ave. and 10,000 SF at 1420 Broadway. The fifth lease is at 49 Broadway for 10,000 SF in the Wall Street area. Bids are due at the end of April and Sara Lee hopes to close the deal by midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. . |
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