Restaurant Financing – Joy Peppers Sat, 25 Sep 2021 13:33:10 +0000 en-US hourly 1 Restaurant Financing – Joy Peppers 32 32 NFT Via Fast Food Toys With Crypto Collectibles Sat, 25 Sep 2021 08:00:26 +0000

Collectors are passionate about their hobbies, from Jerry Seinfeld’s obsession with classic Porsche cars to fast food fans who buy blockchain assets instead of action figures.

Of all the inventive crypto-blockchain games we’ve heard of this year, we’re submitting Burger King’s deal with Sweet Non-Fungible (NFT) Token Market like maybe the coolest.

As part of the launch of its new Royal Perks loyalty program, BK has partnered with Sweet to gamify NFTs, giving channel loyalists the chance to collect digital tokens that unlock even more rewards once set. ended. It revolves around the new “Keep It Real” marketing campaign, where celebrities create their ideal BK meal, enrolling customers in an NFT collectibles set.

The Restaurant Dive news site summed it up this way: “Customers can scan a QR code on each Keep It Real meal box to receive one of three collective NFT game pieces, according to details shared with Marketing Dive. When the full set is collected, guests programmatically receive a fourth NFT, a reward that could be a 3D digital collectible, free Whopper sandwiches for one year, autographed merchandise, or a call with one of the Famous Ambassadors. in the countryside.

Let’s take a look at the menu. From a Burger King announcement, we have the “The Cornell Haynes Jr Meal aka NELLY” (classic flame-grilled Whopper®), “The Larissa Machado Meal aka Anitta” (Impossible ™ Whopper), or “The Chase Hudson Meal aka LILHUDDY” (main- Spicy Ch’King ™ breaded with cheese).

The gamified goodies in NFT form are a first digital way for Burger King to promote the ban on 120 artificial ingredients in its delicious items, but we see other possibilities.

For Whopper shoppers from another generation, we would like to suggest “The Yoko Ono aka Screamer Meal” (a bun with nothing on it, expressing an artist’s search for meaning), or “The Mick Jagger aka Too Old to Rock and Roll ”(burger and fries with free hip replacement).

Or not. But the creative possibilities are endless.

Would you like digital fries with this?

Burger King isn’t the first fast food chain to DIY NFTs this year – and it won’t be the last.

In the first quarter, Pizza Hut Canada launched “1 Byte Favorites Pizza”, creating a new category of digital assets with cheese: the NFP, or “non-fungible pizza”.

In a statement, the channel said, “At a time when NFTs are hitting record highs in cryptocurrency markets, Pizza Hut is offering 1-byte favorites at record prices. Pizza Hut will offer these perfect 8-bit (8-bit = 1-byte) slices for about the cost of a real bite of pizza, or 0.0001 ETH.

So now we also understand the value Ethereum places on a single bite of pizza. Good to know for budget-conscious blockchain burger fans.

It’s really corporate altruism, as the chain explained that “Pizza Hut believes that no world should exist without pizza, especially their pan-fried pizza. That’s why they wanted to make sure it was part of the digital world. It’s a feeling that anything but lactose intolerant can endure.

And did anyone think McDonald’s wouldn’t profit from the NFT action? Also in the first quarter, McDonald’s France started offering NFTs as a prize. Marketing industry news site Famous Campaigns reported in April that “the fast food company revealed its first two NFTs featuring the iconic Big Mac and a box of Chicken McNuggets. This was followed by a message on Twitter … announcing the release of two more NFTs featuring a sundae and fries.

“Although the NFTs will not initially be sold by McDonald’s, the contest winners will be able to do with them whatever they want, including selling them,” the site added.

We feel a business opportunity. It is strangely reminiscent of pizza and burgers.

Consumer goods want to enjoy non-fungible pleasure

Why should fast food outlets and quick service restaurants have all the fun of NFT?

Chipmaker (it’s potato, not a semiconductor) Pringles created and auctioned off original NFT artwork – from a box of Pringles. At the going rate of $ 600 each, we don’t see a problem.

As Adweek reported, “The Kellogg-owned snack brand is auctioning 50 limited edition animated works of art in non-fungible token (NFT) form around a virtual flavor called CryptoCrisp.”

Adweek said the auctions started “at the equivalent of about $ 2 in Ether cryptocurrency” and reached $ 600. Profits were donated to artist Vasya Kolotusha, who created the crisp crypto collectable.

“A purchase gives the purchaser the rights to a 6-second 1080 × 1080 pixel video file of a rotating gold Pringles tin can and a Certificate of Authenticity that guarantees its uniqueness. The artwork is being auctioned off on the Ethereum Rarible-based NFT marketplace platform, ”according to Adweek.

Since CPG rhymes with NFT, Kellogg’s moved around the same time General Mills auctioned 10 digital artworks to welcome back their beloved Chocolate Dunkaroos.

This is just the beginning. We’re looking at NFTs everywhere soon, as are major marketers.

As the Marketing Dive news site reported, “The NFT craze is sparking interest from brands looking to turn growing interest in digital assets into more advertising for their campaigns. Dole Sunshine recently announced plans to sell a series of original digital artwork as NFT and donate the proceeds from the auction to anti-hunger programs. Procter & Gamble… jumped on the NFT bandwagon with an auction of digital artwork inspired by its Charmin toilet paper brand, with the intention of donating the proceeds to charity.

What is it that puts the “fun” in “non-fungible?” Clearly, this is food.



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

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New sign of normalcy: McDonald’s resumes share buybacks Fri, 24 Sep 2021 20:57:20 +0000

Photo by Jonathan Maze

Here’s another sign that things are back to normal at fast food chains nationwide: McDonald’s will resume share buybacks.

The Chicago-based hamburger giant said Thursday it will resume share buybacks – it also increased its quarterly cash dividend by 7% to $ 1.38 per share.

McDonald’s is not alone in resuming share buybacks. Many restaurant companies have done the same in recent months, including the owner of Burger King, Restaurant Brands International and Jack in the Box, among others.

Their return is a clear sign that companies are feeling better about their business prospects.

Overall, publicly traded U.S. companies bought $ 198.8 billion in shares in the second quarter, up 11.6% from the first quarter and 124% from the same period it a year ago, according to the S&P Dow Jones indices. Share buybacks are expected to remain high for the remainder of the year.

Companies buy back stocks and pay dividends when they have additional cash and feel confident about their business prospects. Such programs became less common last year when the pandemic hit and the economy suffered.

McDonald’s suspended its $ 15 billion share buyback program in March last year when it emerged the business would be shut down for an uncertain period. In short, McDonald’s and many other restaurant chains have chosen to accumulate money as part of a survival strategy. It also allowed the company to give operators royalties and other breaks to make sure they would stay open.

But sales returned to the burger giant, now well above 2019 levels. Profits also improved more than expected. McDonald’s earnings per share were $ 2.37 in the second quarter, for example, 12% higher than expected, according to data from financial services website Sentieo.

As such, the company chose to start repurchasing shares again.

Admittedly, the share buyback programs are hardly without criticism. By buying back stocks, companies spend more to appease wealthy investors than on things like research and development, expansion, or other business investments, or simply paying higher wages.

The Harvard Business Review, for example, said that S&P 500 companies have spent more than half of their net income on share buybacks over the past decade.

Share buybacks typically increase a company’s share price by limiting the availability of shares and spreading the profits over fewer shares. They can be effective when a company’s actions are performing worse than expected and executives want to give it a boost. Yet that is usually not the case with such programs, and indeed McDonald’s stock is trading at its all-time high.

Unsurprisingly, the biggest detractors of McDonald’s, the union-backed group Fight for $ 15, have been rushing over the company’s announcement.

“Even though my colleagues and I continue to risk our lives day in and day out to serve fries and Big Macs in the midst of a pandemic, McDonald’s has decided to go back to business as usual by playing stock market games to line their pockets. of its leaders. and shareholders, ”said Juanita Camerena, a McDonald’s employee in San Francisco and leader of the Fight for $ 15 movement, in a statement the group sent Friday.

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Diesel Service Station Comes To Virginia-Highland Market Fri, 24 Sep 2021 14:18:49 +0000

Virginia-Highland’s Diesel filling station restaurant hit the market, at 870 North Highland Avenue NE, according to a sales list of The Shumacher group Friday.

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The “open and operational” profession seeks $ 225,000 with “some” owner funding available, the listing says. The nearly quarter-million-dollar sales tag includes all furniture, equipment, and rental rights – and a new owner could keep the name and concept of the diesel filling station.

“Please be respectful and do not make any attempt to contact or speak to staff, management, owner and / or property” Steven josovitz from the Shumacher group writes in the list.

Diesel Filling Station’s website is no longer online and its Facebook page has not been updated since March 2020.

A new owner would negotiate a new lease and its extensions, and the current rent for the 1,000 square foot space (which includes an additional 750 square feet of additional storage and office space) is $ 7,000 per month.

The diesel filling station first opened in 2008 as a replacement Plate, according to the restaurant’s Facebook page. The building, which can be seen on the hit TV show The walking dead, was once a gas station.

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La Encantada in Tucson sells for $ 165.25 million Thu, 23 Sep 2021 02:20:05 +0000

JLL Capital Markets announced today that it has closed the $ 165.25 million sale and secured $ 102 million in acquisition financing for La Encantada, a 246,256 square foot outdoor lifestyle center in Tucson, Arizona.

JLL represented the seller, Macerich Company. A group of local investors bought the asset as part of a strategic sale. In addition, working on behalf of the new owner, JLL arranged the fixed rate, term and interest only acquisition loan with an investment bank and a financial services company.

READ ALSO: 14 deals exceed $ 100 million to complete biggest deals of summer in metro Phoenix

Completed in 2003, La Encantada is 93 percent leased to some of the most recognized names in apparel, homeware, beauty and jewelry including Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, and Bluemercury. Additionally, the retail center is home to popular health, wellness and fitness options Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, as well as a variety of full-service retailers and food and drink specialties such as AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila.

Located near the base of the Santa Catalina Mountains in the highly desirable Foothills Retail submarket, La Encantada is located at 2905 E. Skyline Dr. at the intersection of Skyline Dr. and Campbell and is surrounded by some of the most popular neighborhoods. more prestigious, wealthy and sought after neighborhoods. More than 35,000 residents earning an average annual family income of $ 120,785 live within a three mile radius of the property. Additionally, the center is the premier retail asset in Tucson and is within an extensive shopping area due to the presence of large exclusive retailers and restaurants in the market.

The JLL Capital Markets sales and investment advisory team representing the seller was led by Managing Director Patrick Dempsey.

“This asset is the crown jewel of Tucson’s retail business,” said Dempsey. “Many of La Encantada’s stores are exclusive to the region, with a raffle expanding the entire market. The lack of land available for new development in the Foothills Retail submarket makes La Encantada an irreplaceable property.

The JLL Capital Markets debt advisory team that represented the new owner included Senior Managing Director Jeremy Womack and Analyst Zane Coffman.

“The lender’s performance of CMBS was best in class, and we are pleased with the incredibly low interest rate and term-only interest payments,” Womack added. “Although the market for loans secured by certain commercial properties can be difficult, the high quality of this asset, the excellent mix of tenants and the exceptional sponsor of the partnership between the three local owners have helped us secure the best loan terms. . for the new owner.

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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After delays, work to transform historic La Villita de San Antonio into a culinary destination is underway Wed, 22 Sep 2021 16:46:00 +0000

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  • Instagram /
  • Renderings by landscape architect firm MP Studio show future plans for La Villita.

After years of planning, a rehabilitation of Maverick Plaza in La Villita is finally underway, marking the first physical steps to transform the downtown space into a culinary destination, according to the San Antonio report.

The city began soliciting bids in 2016 for improvements to the historic site, including improved utilities, a new fountain, landscaping and lighting. However, the physical labor started only recently.

Funding was in place to start the project in March 2020, and the History and Design Review Board approved the proposed changes a few months later, according to the report.

San Antonio restaurateur Johnny Hernandez, who is partnering with the city’s World Heritage Office for Development, blamed the delays on the COVID-19 pandemic.

“Let’s wait a few months,” Hernandez told Report. “A few months turned into a year.”

Improvements to Alamo Square and Street are expected to take around 12 months, according to the article. The completed project aims to highlight the designation of San Antonio as a Creative City of Gastronomy by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

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Renderings by landscape architect firm MP Studio show future plans for La Villita.  - INSTAGRAM / MPSTUD.IO

  • Instagram /
  • Renderings by landscape architect firm MP Studio show future plans for La Villita.

So far, teams have removed the fences, a cedar arbor and limestone walls that separated the square from other parts of La Villita, according to the report. Buildings housing restrooms and a concession area were also demolished to make way for new restaurant concepts, which will include Mexican, German and Spanish restaurants, according to the renderings.

So many restaurants, so little time. Discover the latest culinary news from San Antonio with our Flavor Friday newsletter.

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4 characteristics that helped small businesses survive the pandemic Tue, 21 Sep 2021 23:36:33 +0000

Aabout half of Americans purposely bought more from small businesses and local businesses during the pandemic, and many particularly rallied behind small businesses with four particular characteristics, according to a new NerdWallet survey.

The survey of more than 2,000 American adults found that 51% of Americans made a special effort to shop at small businesses from March 2020 until times of closures and restrictions compared to before the pandemic. Supporting the local economy was the main reason consumers spent more of their money in small businesses, but small businesses that do four things appear to be receiving special attention, the data shows.

1. They offer take-out and delivery

Restaurant revenues are down nearly 27% from expected levels in 2020, and 110,000 restaurants are temporarily or permanently closed, according to the National Restaurant Association. Diversifying away from seated service can therefore be a critical survival tactic, as a third of those who have gone harder to shop at small businesses and local businesses during the pandemic said the increase in options takeaway and delivery was behind this support, according to the NerdWallet Poll.

2. They have fewer people inside

Small businesses have been a physical haven for many consumers, according to NerdWallet data. More than a quarter of those who made an effort to shop at small businesses (27%) said they increased their support because these establishments were less likely to be overcrowded.

3. They have what other stores don’t.

NerdWallet data also suggests that small businesses that sell items that are often not available elsewhere can leverage their larger competitors, underscoring the impact of a good inventory management. About a quarter of those who increased their support for small businesses throughout the pandemic (23%) said it was because these retailers had the products they wanted when large retailers were away, according to the investigation.

4. They are doing more online

Many consumers are buying more online, which is benefiting many small businesses that have turned to e-commerce. NerdWallet found that about 1 in 5 Americans who made the effort to shop at local small businesses (22%) started spending more at establishments that were previously only physical stores once they have extended to online offerings.

These four tactics could continue to pay off for many small businesses, given that 81% of Americans plan to spend at least as much if not more money on local small businesses by the end of the year. This may bode particularly well for Small Business Saturday, which is November 27th. According to the data, 43% of Americans plan to spend money at local small businesses on this day.

The pandemic fueled entrepreneurship

The changes brought about by the pandemic in consumer spending habits have also improved the prospects for many new entrepreneurs. Despite the difficulties small businesses faced during the pandemic, more than one in 10 Americans (12%) have started a business since March 2020, according to the NerdWallet survey.

While there have been multiple motivations behind these entrepreneurial movements, for 1 in 3 the pandemic itself has created the opportunity to start a small business. It created a market for the goods and services that new entrepreneurs wanted to offer, according to the survey.

More from NerdWallet

Tina Orem writes for NerdWallet. Email:

The article 4 Traits That Helped Small Businesses Survive the Pandemic originally appeared on NerdWallet.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Grand Rapids company tackles textile waste Tue, 21 Sep 2021 14:59:07 +0000

A small bag and accessory store in Grand Rapids, Michigan tries to be everything the modern textile industry isn’t. Instead of endless waste, they reuse recycled materials. They avoid factories abroad and hire local workers whom they aim to pay living and growing wages. And rather than implementing a completely hierarchical leadership approach, workers have a say, from design to material selection. Most of their profits go to the workers and eventually they will become the property of the workers.

The store – Public Thread – was started by Janey Bower, a former city public policy worker who is considering purchasing one of their products. as an investment in new systems that work for people and the environment. Their most iconic bag, the “Billboard Bag”, is made from used billboard material. Each bag has a distinct look, like the materials they are made of.

“Just like in nature, waste doesn’t exist,” says Brower. “When a tree dies, it becomes the fuel for other things to grow. And that’s what we do.

Growing up in the Grand Rapids area and familiar with both suburban and city public school systems, Brower witnessed glaring racial and economic inequalities. She worked for the Grand Rapids government in public policy and later for a nonprofit focused on homelessness, but ultimately felt that the nonprofit world often did not face the roots. problems they were trying to solve. Their strategies were “side systems,” Brower explained, offering a band-aid for the problems to be solved.

She then rotated to build Public Thread, with the intention of transferring what she learned from her nonprofit and political work into physical form, creating systems changes in a sack. Among its ambitious goals were a manufacturing process that positively impacts the environment and honors manufacturers, as well as a people-centered business approach. Not wanting his employees to feel like a “cog in the machine,” Brower intends his team to collectively own the building they work in and eventually become a fully worker-owned company. While not there yet, employees have a say in everything from salaries to project timelines.

“They set limits on how they can do something,” Brower says.

Right now, employees hired with little experience can start at $ 15 to $ 17 an hour. Those with more experience can earn up to $ 20. The long-term goal is for all employees to earn $ 70,000 per year, with benefits. Of their eight employees to date, 50% are people of color. But throughout the peak of the COVID-19 pandemic, they temporarily grew to 25 employees and together made 70,000 masks.

We hope that as we grow we will grow in a sustainable way so that we are not in a temporary work situation, ”said Brower.

Funding for Northern Initiatives, a CDFI that supports local Michigan businesses that build wealth in the community, has reached this critical point in the Public Thread timeline. After making masks during the pandemic, the company needed time to research more partners and projects, and money to pay for this freedom to explore.

“She has a genuine heart for the community and she intentionally hires people of color and women into positions where they can help grow a business,” said Elissa Sangalli, CEO of Northern Initiatives.

In a world that wastes millions of tons of textiles, the Public Thread team is not yet satisfied with the amount of material it actually recycles. The Environmental Protection Agency estimates that 16 million tonnes textiles were produced in 2015; 10.5 million tonnes were landfilled, 3 million tonnes were incinerated and only about 2.5 million tonnes, or about 15%, were recycled. In Michigan alone, textiles made up just 2% of the recycling stream in 2014, according to the Department of Environmental Quality. So far, Public Thread has diverted over 100,000 pounds of material from the landfill, and most of it is intercepted from the waste cycles of local organizations.

“I don’t know how to do everything and I’m not going to act like it’s my role,” Brower said. “It’s an oppressive system. I’m going to help facilitate a system where we can all share what we know, and that’s good enough… We have what we need, just like with our hardware, we have with our staff everything we need. It’s just a matter of being able to cultivate all of these ideas in each of us.

This story is part of our series, CDFI Futures, which explores the community development finance industry through the prism of equity, public policy and inclusive community development. The series is generously supported by Partners for the Common Good. Sign up for PCG’s CapNexus newsletter on

Emily Rizzo is a media designer and freelance journalist living in South Philadelphia. She reports primarily for the NPR member Philadelphia station, WHYY, on education.

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This Week’s LA Deals Sheet (September 9, 2021) Sun, 19 Sep 2021 23:41:31 +0000

3301, boul.

Riot Games is in the process of subletting approximately 131,000 square feet to The Beachbody Co. in Santa Monica, Trade Observer Reports. The office is at 3301, boul. in the Lantana Entertainment Media Campus, which is owned by Starwood Capital Group.

Riot Games’ approximately 284,000 SF head office is located nearby in Bundy and Centinela, the Los Angeles Times reported.


High Street Residential announced that Nick Moffa has joined the firm as senior vice president in the SoCal / Newport Beach office. Moffa is responsible for overseeing the land acquisition and comprehensive management of multi-family developments in Orange and San Diego counties, as well as the Inland Empire and Las Vegas regions. Prior to HSR, Moffa was Vice President of Development for AMLI Residential, where he oversaw and participated in multi-family development projects with more than $ 1.3 billion in total investments.

Reserved area

Courtesy of Longfellow Real Estate Partners

Central park square


Gelt purchased The Oasis Anaheim, a 312 unit apartment building located at 3530 East La Palma Ave. in Anaheim. The sale price was $ 146.5 million. The seller was a joint venture led by Redhill Realty Investors.

Built in 2009, the property’s two buildings feature a mix of lofts, townhouses, and one and two bedroom units. JLL’s Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis represented both parties in the transaction.


The 100-unit Bristol Garden apartment complex at 340 South La Fayette Park Place sold for $ 25.5 million. Rick Raymundo of Marcus & Millichap represented both the seller, The Bristol Garden LLC, and the buyer, The Current 340 LLC.


Longfellow Real Estate Partners acquired Centerpark Plaza at Sorrento Mesa in San Diego. Longfellow, who announced the deal, did not disclose the price for the 10-building deal, which totals 256K SF. Public records do not yet reflect the sale.

Eastdil Secured advised the seller of the place, Montana Avenue Capital Partners. Longfellow Real Estate Partners represented itself during the purchase.


An approximately 67,000 square foot office building in Costa Mesa has been sold to local real estate investment company Khoshbin Co. for $ 22 million, CBRE said. The buyer wants to occupy and renovate the property. It will eventually include an automobile museum, restaurant, café and creative office space.

Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller in the transaction. The buyer, identified only as a local real estate company, represented himself.


The Balboa Fun Zone has been sold to Chartwell Real Estate Development, which plans to restore and operate most of the beach. Cushman & Wakefield announced and negotiated the sale. The vendor was the Discovery Cube Children’s Museum. The price was not disclosed.

The entertainment area at 600 East Bay Ave. sits along Balboa Harbor and offers a boardwalk, Ferris wheel, marina, theme park attractions, approximately 17,000 square feet of mixed-use improvements, and underground parking.


SGL Global has sold six flexible industrial buildings measuring 262,000 square feet in Gardena at 1600 West 135th St., Cushman & Wakefield announced. The buyer is Overton Moore Properties. The site is fully leased to an aerospace tenant. The sale price was $ 35.1 million.

Overton Moore plans to market the entire facility for lease after the sale closes, although it may also process the rights for the development of two Class A industrial manufacturing buildings on the site, replacing structures that are there now.

A capital markets team led by Mike Condon Jr. of Cushman & Wakefield, Erica Finck, Bailey Dawson, Brittany Winn and McKenna Gaskill represented the seller.

Reserved area

Courtesy of CW Driver Cos.

Twenty out of six


CW Driver Cos. announced the completion of a six story mixed-use office and retail space for LeBeau Realty & Associates in downtown San Diego. The $ 34.8 million project, along with the developer’s existing 20-story tower at 451 A St., is Twenty by Six, a creative office center built to achieve LEED Silver certification. The project was designed by Gensler.


Traditional Chinese medicine vendor TS Emporium has leased approximately 22,000 square feet of retail space in San Gabriel at 5439 Rosemead Blvd. This is TS Emporium’s fifth space in the greater San Gabriel Valley area. The space is expected to open in mid-October.

Brian McDonald and Kelly Murphy of CBRE represented the owner, Smaldino Investments, in the transaction. The tenant was represented by Jason Chao and McDonald of CBRE.


CIT Group has announced that its real estate finance business is the sole lead arranger of a $ 41.6 million loan for the acquisition and renovation of The Devonshire apartments in Hemet. The 276-unit multi-family complex is acquired by TIG Devonshire, which is managed by Tailwind Investment Group and Kairos Investment Management Co. The funds will be used for interior and exterior improvements.

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We need price transparency in health care | Opinion Sun, 19 Sep 2021 12:58:10 +0000

By Drs. Mark Lopatin and Arvind Cavale

Imagine walking into a restaurant and seeing every menu item listed as “Market Price”. You ask what that price is, but the waiter can’t tell you. Now imagine that all the restaurants in town have all of their items listed as “Market Price”. How would you decide what to order and where?

This is exactly the situation Americans find themselves in when they need hospital care.

The same test or procedure at two different facilities can have drastically different negotiated prices, often thousands of dollars apart, and the patient has no way of knowing. This difference is significant for the large number of patients who have high deductible plans who end up bearing most of the costs. What we need in healthcare is the equivalent of a Kelley Blue Book for cars, a resource for average patients to know how much care should cost. This lack of price transparency is not happening in any other industry, and it must end in health care.

Americans should know the cost of their health care before they get it.

The federal government addressed this problem by releasing the rule of transparency of hospital prices, which entered into force on January 1. The problem is that many hospitals don’t comply. A report released last month by a national nonprofit showed that the vast majority (94.4%) of hospitals, including most of those in Pennsylvania, were not following the rule. The refreshing exception was Temple University Hospital, which the report said was among the less than 6% of US hospitals with all their prices. This hospital deserves to be congratulated.

The hospital industry has gone even further to avoid transparency by file a complaint but the the courts have rejected legal challenges in favor of consumers.

While doctors are often blamed for rising healthcare costs, we can assure you that doctors want what patients want. We also want to know the prices, but hospitals and insurers are also keeping us in the dark.

We wrote to Pennsylvania Attorney General Josh Shapiro asking him to help enforce the law and hold hospitals to account. To do this, our government must significantly increase the financial penalties imposed on hospitals that do not comply with the rule. Currently, the penalty is only $ 300 per day. It is woefully insufficient. Worse, the government has no fine to a single hospital yet for breaking the government’s own rule. What is the use of a toothless law? The fine must be considerably increased and rigorously enforced. We should also eliminate the loophole in the rule that allows hospitals to simply provide estimates, not guaranteed prices.

As physicians, we care about the physical and financial health of our patients. We don’t want to see them neglecting their care because they can’t know the cost. The best way to protect their finances is to have full price transparency. The ability to view and compare prices online would pave the way for price competition, lowering prices, allowing patients to buy the best value for their healthcare dollar, and slowing down the cost. unhealthy trend towards consolidation in the healthcare sector. We hope our attorney general agrees.

We have a long way to go to address the dysfunctional funding of our broken health care system. Transparency is an essential part of the solution. The right to know the cost of care before receiving a surprise bill is essential. Consumers should demand nothing less.

Dr. Mark Lopatin is a rheumatologist in Willow Grove, Pennsylvania. Dr. Arvind Cavale is an endocrinologist in Feasterville, Pennsylvania. Both are members of the Association of Independent Physicians.

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Quxiaomian Founded By Former Luckin Coffee Chairman Seeks Funding Despite Slow Expansion Sat, 18 Sep 2021 13:40:28 +0000

Chinese media Technological planet reported on Saturday that Quxiaomian, a restaurant founded by Charles Lu Zhengyao, former president of Luckin Coffee, was seeking a new round of funding. A knowledgeable source says that Quxiaomian is valued at 1 billion yuan ($ 155 million) in this round, and that he wants to raise 100 million yuan.

Lu started preparing for Quxiaomian last April. This is Lu’s second entrepreneurial venture after Luckin Coffee. Quxiaomian offers eight food categories, such as hot and spicy noodles, potted meat and vegetables, desserts, drinks and cold dishes. So far, 25 Quxiaomian restaurants have opened and are operating since August 8.

The Quxiaomian team lacks experience in the restaurant business and therefore, as a compensation, they try to attract customers with ultra-high discounts. Luckin Coffee was a master at launching price wars. But without discounts, Quxiaomian noodles are much more expensive than other noodle shops. In addition, consumers had higher expectations for Quxiaomian and subsequently were disappointed with the cost-value disparity resulting in a low redemption rate.

Quxiaomian does not copy Luckin Coffee’s crazy expansion efforts. A Luckin Coffee staff member told Tech Planet that the coffee chain initially grew very quickly, but that may be because a cafe is relatively small. A small cafe may take just two weeks to decorate and open while a larger cafe may take a month.

However, a delayed expansion makes employees less confident in the company. Quxiaomian plans to expand its stores in two batches: the first batch will take place in 14 first-tier cities or new first-tier cities, such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou; the second batch was supposed to be in 8 other cities from August 18, including Fuzhou, Nanchang, Changsha and Hefei.

SEE ALSO: Former Luckin President Charles Lu Launches New Business: Restaurant Chains

However, Tech Planet has learned from Quxiaomian staff that the expansion plan for the second batch has been put on hold and will take place in early September. An employee working for the expansion says they now work primarily on market research.

A total of 106 noodle shops can be searched on the Meituan app, of which 25 are active while the rest are not yet open. A person close to the top of the company said restaurants that aren’t in business now won’t be opening anytime soon and could be redesigned for refurbishment.

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