Big News: Giggles N’ Hugs signs LOI with $1.4 Million of tenant allowances which covers the cost for the first Northern California Location
GLOBENEWSWIRE 9:00 AM ET 1/26/2017
Symbol Last Price Change
GIGL 0.023down 0 (0%)
QUOTES AS OF 03:58:33 PM ET 01/25/2017
Los Angeles, Jan. 26, 2017 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc., owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, signed a non-binding Letter of Intent (LOI) with QIC, a $78 billion alternative investment fund, to open the next Giggles N’ Hugs location at The Shops at Tanforan (Tanforan) mall in San Bruno, California.
Per the terms of the LOI, QIC, which owns The Shops at Tanforan mall among the many others around the world, will provide the Company up to $1.4 million in tenant allowances, covering the entire build-out cost of the new location. Extremely favorable rent terms, with significant discount to current market rates, were also negotiated.
“The proven success of our locations in Southern California and the significant foot traffic that we bring in to the malls were a major influencing factor behind the attractive deal terms in the LOI,” commented Joey Parsi, founder and CEO of Giggles N’ Hugs. With more and more consumers shopping online, the malls are looking for ways and concepts like ours that deliver foot traffic. “We’re excited to begin moving forward on our expansion plans, and we couldn’t be more pleased with the location of our first Giggles N’ Hugs in the San Francisco market. “we hope and expect that these incredible deal terms will be the norm for us going forward” Parsi continued.
Tanforan, located minutes away from San Francisco International Airport, underwent a three-year reconstruction in 2005. Major anchor tenants include Sears, Target, JCPenny, and Century Theatres.
“We’re working diligently with QIC to complete the negotiations and finalize the lease,” continued Parsi. “While there are no guarantees we’ll be successful, we believe the LOI is a major step in the right direction.”
GLOBENEWSWIRE 9:00 AM ET 1/26/2017
Symbol Last Price Change
GIGL 0.023down 0 (0%)
QUOTES AS OF 03:58:33 PM ET 01/25/2017
Los Angeles, Jan. 26, 2017 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc., owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, signed a non-binding Letter of Intent (LOI) with QIC, a $78 billion alternative investment fund, to open the next Giggles N’ Hugs location at The Shops at Tanforan (Tanforan) mall in San Bruno, California.
Per the terms of the LOI, QIC, which owns The Shops at Tanforan mall among the many others around the world, will provide the Company up to $1.4 million in tenant allowances, covering the entire build-out cost of the new location. Extremely favorable rent terms, with significant discount to current market rates, were also negotiated.
“The proven success of our locations in Southern California and the significant foot traffic that we bring in to the malls were a major influencing factor behind the attractive deal terms in the LOI,” commented Joey Parsi, founder and CEO of Giggles N’ Hugs. With more and more consumers shopping online, the malls are looking for ways and concepts like ours that deliver foot traffic. “We’re excited to begin moving forward on our expansion plans, and we couldn’t be more pleased with the location of our first Giggles N’ Hugs in the San Francisco market. “we hope and expect that these incredible deal terms will be the norm for us going forward” Parsi continued.
Tanforan, located minutes away from San Francisco International Airport, underwent a three-year reconstruction in 2005. Major anchor tenants include Sears, Target, JCPenny, and Century Theatres.
“We’re working diligently with QIC to complete the negotiations and finalize the lease,” continued Parsi. “While there are no guarantees we’ll be successful, we believe the LOI is a major step in the right direction.”
