"Panda Express has very aggressive growth plans for Arizona," says Morey Fischel, an associate broker with De Rito Partners who represents the chain in Northern Arizona. "(The chain) hopes to open 10 units a year in the Valley."
The chain, owned by Rosemead, CA-based Panda Restaurant Group Inc., has 35 restaurants either open or under construction in the Phoenix area. "The Phoenix area has great demographics for Panda," Fischel says.
All of the sites are end cap spaces ranging from 2,000 sf to 2,473 sf. Four of the five new leases are in power centers developed by Phoenix-based Vestar Development. The centers include Happy Valley Towne Center in Phoenix; Gilbert Gateway Towne Center and Crossroads Towne Center, both in Gilbert; and Las Tiendas Village in Chandler. The other lease in a Safeway-anchored center being developed by Phoenix-based Davidson Myers. Openings for the just-lease locations will start in November and continue through June 2005.
Fischel says Panda Express previously focused its expansion plans on end cap locations. Now, the chain is looking for land so it can build freestanding restaurants with drive-through windows. "We're currently negotiating about 10 land deals," he tells GlobeSt.com.
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