Real Estate Weekly: Wingstop restaurant chain eyes expansion in region

Leases, news and notes from Maryland's real estate industry

Posted: 4:33 pm Thu, January 27, 2011
By Daily Record Staff

Wingstop, a chain of chicken wing restaurants based in Texas, unveiled plans this week to expand throughout the Baltimore-Washington region.

The company, which says it has experienced more than seven years of same-store sales increases, signed a development agreement to open 20 new stores in the area over the next several years. Rahim Kurji and Bidjaan Kassam signed the 20-store development agreement and expect to open four locations in Baltimore and Washington, D.C. this year.

Kassam and Kurji are based in Dallas and say they already have local management teams in place and are currently scouting sites in Baltimore and D.C.

“We love the Wingstop product, and the concept of just serving wings and fries,” said Kurji. “It’s a fresh, simple idea and the demographics and density of D.C. and Baltimore are a perfect fit.”

The Wingstop menu features traditional and boneless wings sauced and tossed in nine proprietary flavor.

Saint Agnes NICU reopens
Saint Agnes Hospital has opened its newly renovated neonatal intensive care unit, one of only seven in the state designated as a Level IIIB by the Maryland Institute for Emergency Medical Services Systems.

The unit was renovated in part with a capital bond grant from the State of Maryland, as well as a significant donation by the Associated Italian American Charities of MD., Inc.

The two primary goals for the renovation of the NICU were to reduce prolonged, excessive exposure to light and noise for infants and to create a more supportive environment for parents.

Key aspects of the renovation include four pods that can handle three infants each, as well as private rooms for the sickest patients; family Support Space; flexible ambient lighting in infant care areas, and minimization of ambient noise. The NICU renovation is part of a $200 million-plus campus expansion begun in 2005.

1st Potomac dividend
First Potomac Realty Trust, a Bethesda-based owner of office and industrial properties in the greater Washington region, has announced a dividend of 20 cents per common share for the fourth quarter, which ended Dec. 31.

The dividend, which equates to an annualized rate of 80 cents per share, is payable on Feb. 11 to common shareholders of record on Feb. 4.

In addition, a dividend of 14.53125 cents per share on the company’s 7.750 percent Series A Cumulative Redeemable Perpetual Preferred Shares will be payable Feb. 15 to Series A preferred shareholders of record on Feb. 4.

OC Boardwalk needs work
Ocean City is asking for input from residents and vacationers on which of three options it should go with in overhauling the Boardwalk, which is falling apart from the inside out because of decades of wear and tear.

The options are installing a wood surface that would look the same as the current Boardwalk, building a wood surface with a plain concrete train lane, and constructing a wood surface with a concrete train lane that has been colored and stamped to look like wooden boards.

Town officials are inviting people to take part in an informal poll through February at: http://www.oceancitymd.gov/poll.html. The Town Council will hold a hearing March 7 on the options and the work will be done this fall.

Solar plant announced
Pepco Energy Services Inc., a subsidiary of Pepco Holdings Inc., plans to design and construct a $2.3 million photovoltaic project for the Department of Energy at the department’s Germantown campus.

The project includes a 300-kW solar array and a 52-kW carport array for charging electric cars. Designed to be operational by June, it is expected to take about 350 kW of energy demand off the grid each day.

Credit line increased
Annapolis-based Chesapeake Lodging Trust, which invests in upscale hotels in business, airport and convention markets, has amended its credit agreement with a syndicate of banks.

The agreement increases the maximum amount the company may borrow from $115 million to $150 million, with the possibility of future increases up to a maximum of $200 million.

This Week in Leases

• Science Applications International Corporation said it will move approximately 150 employees to 6210 Guardian Gateway, a new 75,000 square foot building under construction at The Government and Technology Enterprise (GATE) project, a 413-acre business community located within Aberdeen Proving Ground (APG) in Harford County. The Fortune 500 scientific, engineering, and technology applications company known as SAIC has signed a lease with St. John Properties Inc. for 32,500 square feet of space at the three-story Class A building. The LEED-certified building is expected to be finished in the second quarter of 2011, with SAIC employees expected to relocate during the third quarter. Headquartered in McLean, Va., SAIC employs about 45,000 workers and has provided support to numerous Army and Department of Defense programs at APG for more than 20 years.

• Two Rivers Steakhouse and Seafood has signed a lease with St. John Properties, Inc. for 8,000 square feet of space at Lakeshore Plaza, a 161,000 square foot retail center in Pasadena. The owners of the restaurant –- who also operate Cancun Cantina in Hanover –- intend to be operational within the former Blockbuster Video space in the first quarter of this year. More than 100 full and part-time employees are expected to be hired. Two Rivers Steakhouse and Seafood will feature a casual, sit-down atmosphere offering a variety of American-style lunch and dinner entrees. Lakeshore Plaza was recent recepient of a $3 million renovation and improvement package.