The Rosemead, CA-based restaurant group, parent of Panda Express, paid $1 million for a 2,878-sf building on one acre at 4105 N. Josey Lane in Carrollton and $825,000 for a 2,780-sf structure on slightly less than an acre at 2252 Central Dr. in Bedford. Locally based Cardinal Capital put the stores on the market at the beginning of the year when Fazoli's owner, Seed Restaurant Group of Lexington, KY, retreated from the Dallas market.
Panda Express, the nation's fastest growing Chinese restaurant chain, is holding the building permits to begin work on the just-bought sites, Jim Jamerson with United Commercial Realty/ChainLinks in Dallas tells GlobeSt.com. The 650-restaurant chain has eight restaurants open in Dallas/Fort Worth and four in various construction stages in a plan to open 160 stores this year nationwide--and all are corporate owned. "We're looking expand aggressively in this market," Jamerson says.
In Carrollton, Panda got a location in a burgeoning residential area, close to the Trinity Medical Center and just south of a four-corner retail intersection. In Bedford, the store sits on the hard corner with a Wal-Mart Neighborhood Market behind it. Other under-construction stores are located in Cedar Hill and Lewisville, where the chain's picked off a Schlotzsky's Deli from the Austin-based parent now in the midst of a Chapter 11 reorganization.
Jamerson and UCR's Brandon Harris represent Panda Express. Scott Haire with Cardinal Capital negotiated its terms.
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